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EUR/GBP gathers altitude, eyes 0.7900

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Both the single currency and the sterling are running opposite directions today, allowing EUR/GBP to attempt a bull run towards the 0.7900 neighbourhood.

    EUR/GBP higher on GBP-selling

    The cross has gathered further upside traction as the selling mood around the British pound is quickly picking up momentum, testing lows post-Brussels attacks earlier today.

    Data wise in Euroland, German ZEW Survey has come in short of expectations, adding to the poor prints from flash manufacturing PMIs seen in France and Germany. Across the Channel, UK’s consumer prices have risen 0.3% on a year to February, below the expected 0.4% gain.

    EUR/GBP key levels

    The European cross is now up 0.69% at 0.7878 facing the next hurdle at 0.7913 (high Mar.17) ahead of 0.7931 (2016 high Feb.25) and finally 0.8000 (psychological handle). On the other hand, a breakdown of 0.7794 (20-day sma) would expose 0.7714 (55-day sma) and then 0.7620 (50% Fibo of 0.7310-0.7931).
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