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EUR/GBP flirting with highs near 0.7900

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 31, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The softer tone around the sterling during overnight trading has lifted EUR/GBP to the upper bound of the range near 0.7900 the figure.

    EUR/GBP firmer ahead of UK GDP

    The cross is managing to advance for the second consecutive session so far, bolstered by a re-emergence of the buying interest in the single currency, while renewed ‘Brexit’ fears have been weighing on the British pound as of late.

    Ahead in the session, EMU’s advanced inflation figures are due for the current month, while UK’s Q4 GDP figures are also expected across the Channel. After yesterday’s higher-than-expected German CPI, market consensus now sees core consumer prices in the region rising at an annual pace of 0.9% vs. February’s 0.8% gain.

    EUR/GBP key levels

    The European cross is now gaining 0.10% at 0.7893 facing the next resistance at 0.7947 (2016 high Mar.24) ahead of 0.8007 (monthly high Dec.16 2014) and finally 0.8041 (monthly high Nov.19 2014). On the other hand, a breakdown of 0.7826 (20-day sma) would expose 0.7758 (55-day sma) and then 0.7650 (post-ECB low Mar.10).
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