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EUR/GBP finds support around 0.7620

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The recovery of the single currency is taking EUR/GBP to the area of 0.7640 after bottoming out near 0.7620 in overnight trade.

    EUR/GBP looks to risk trends

    The European cross has started the week on the wrong footing so far, trading sharply lower in response to a relief rally in the British pound, which continues to regain part of the ground lost in the recent deep pullback.

    In the meantime, the cross keeps the trade in levels last seen in January 2015 above 0.7600 the figure, with gains so far capped in the 0.7700 neighbourhood, Friday’s tops.

    EUR/GBP levels to consider

    As of writing the cross is retreating 0.36% at 0.7634 with the next support at 0.7449 (20-day sma) followed by 0.7436 (1-month uptrend) and then 0.7310 (low Jan.4). On the flip side, the next up barrier aligns at 0.7698 (high Jan.15) followed by 0.7715 (high Jan.21 2015) and then 0.7875 (2015 high Jan.6).
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