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EUR/GBP headed toward highest weekly close since February

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Córdoba) - EUR/GBP rose sharply on Friday and erased weekly losses. The pair gained a hundred pips and climbed from 0.7335. It peaked during the American session at 0.7430, hitting the strongest level since last Friday.

    Near the end of the week it was moving toward 0.7400 but still holding above. It was about to post the highest weekly close since February, above the key 0.7400 psychological level.

    EUR/GBP: Ready to rally? Not yet

    A consolidation on top of 0.7400 could open the doors for more gains in the medium term but today the pair failed to rally significantly above, signaling that it might not be ready.

    The euro could face a strong resistance near the 0.7425/35 area, where the weekly 55-MA is located. The last time EUR/GBP traded above the mentioned line was two years ago. A break above could boost the euro.
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