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EUR/GBP firmer, nearing 0.7900

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 24, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The increasing offered tone around the sterling is prompting EUR/GBP to trade closer to the 0.7900 handle today.

    EUR/GBP higher on GBP-selling, ‘Brexit’

    The selling mood remains intact around the British pound this week, gathering further traction since Monday’s comments by London mayor B.Johnson and also supported by slowly increasing bets favouring the ‘No’ vote in the June referendum.

    Absent releases in Euroland, the only event in the UK today will be the speech by J.Cunliffe, while ‘Brexit’ news will remain the almost exclusive catalyst for the (still) European cross in the near term.

    EUR/GBP key levels

    The European cross is now up 0.04% at 0.7864 facing the next hurdle at 0.7901 (high Feb11) followed by 0.8007 (high Dec.16 2014) and then 0.8041 (high Nov.27 2014). On the other hand, a breach of 0.7728 (20-day sma) would aim for 0.7694 (2-month uptrend) and finally 0.7523 (low Feb.3).
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