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EUR/GBP: faring well in Brexit hype, testing 200 week 200 sma

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 23, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    EUR/GBP is taking advantage of the concerns over a Brexit, rallying from 0.7780 earlier in the week to score a fresh high of 0.7933.

    EUR/GBP is now at new daily highs, exceeding the 24th Feb high. As analysts at Brown Brothers Harriman noted, "The euro has fared better, but the implication of Brexit are also understood to be negative for EMU. There are economic and political channels of contagion. An economic shock in the UK, a major export market for many EU countries has knock-on effects. Others may seek a referendum on their continued membership in the EU.”"

    EUR/GBP levels

    The key resistance of 0.7927 was breached and we have been taking on the 0.7937 200 week moving average. "If bettered, the .8000 region will be back in play," explained Karen Jones, chief analyst at Commerzbank. "Immediate upside pressure will be maintained while the four month support line at 0.7663 underpins."
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