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EUR/GBP flirting with 0.7000

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 18, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The now better tone around the single currency is prompting EUR/GBP to leave the area of session lows and advance towards the 0.70 handle.

    EUR/GBP looks to risk trends

    The European cross is reverting part of the weekly losses at the end of the Asian session on Wednesday, managing to rebound from overnight lows in the 0.6990 area although keeping the narrow range.

    Absent relevant releases in both Euroland and the UK, the FOMC minutes due this evening in Europe will be the main drivers for the global sentiment today, all against the backdrop of a potential Fed’s lift-off in December.

    EUR/GBP important levels

    As of writing the cross is up 0.05% at 0.7001 facing the next support at 0.6985 (low Nov.17) ahead of 0.6948 (low Aug.5) and then 0.6934 (2015 low Jul.17). On the upside, a surpass of 0.7066 (downtrend from 0.7496) would expose 0.7131 (23.6% Fibo of 0.7496-0.7018) and then 0.7201 (100-day sma).
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