EUR/GBP flirting with highs around 0.7600

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The renewed selling interest around the sterling is helping EUR/GBP to regain the 0.7600 handle, posting fresh session highs at the same time.

    EUR/GBP firmer on risk aversion

    The cross has accelerated its upside today, hovering over 0.7600 the figure after reverting the initial negative mood. The risk aversion theme has taken over global markets during the European morning, sending the pound lower vs. its rivals and helping the cross to rebound further from lows around the mid-0.7500s.

    In another direction, traders have largely bypassed poor results from the German IFO, while UK’s Q4 GDP figures will take centre stage on Friday.

    EUR/GBP key levels

    The European cross is now up 0.39% at 0.7591 with the next resistance at 0.7756 (high Jan.20) followed by 0.8007 (high Dec.16 2014) and then 0.8041 (high Nov.27 2014). On the other hand, a break below 0.7514 (20-day sma) would aim for 0.7492 (2-month uptrend) and finally 0.7310 (low Jan.5).
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