EUR/GBP extends the upside above 0.7900

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 25, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    EUR/GBP has gained further upside momentum today, advancing beyond the 0.7900 bolstered by a bid tone around the shared currency.

    EUR/GBP focus on UK, EMU data

    The European cross is advancing uninterruptedly since Monday, rebounding from the vicinity of the 0.7700 handle and propped up by an increasing offered tone around the British pound as ‘Brexit’ jitters continue to weigh.

    Nothing noteworthy from the EUR-side, which remains almost exclusively driven by risk trends and their link with crude oil dynamics.

    Data wise in Euroland, final January CPI reading and credit figures are due later, while the preliminary Q4 GDP release will take centre stage across the Channel.

    EUR/GBP key levels

    The European cross is now up 0.18% at 0.7916 facing the next hurdle at 0.7977 (high Dec.1 2014) followed by 0.8007 (high Dec.16 2014) and then 0.8041 (high Nov.27 2014). On the other hand, a breach of 0.7744 (20-day sma) would aim for 0.7704 (2-month uptrend) and finally 0.7523 (low Feb.3).
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