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EUR/GBP heavy, around hourly 200-SMA

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The EUR/GBP cross is on the course of retreat from yearly highs for the third straight session this Friday, mainly due to the ongoing weakness in EUR/USD post-ECB decision.

    EUR/GBP back above 0.7600

    Currently, the EUR/GBP pair trades -0.45% lower at 0.7612, retreating from fresh session lows reached at 0.7597 in last 30 minutes. The EUR/GBP cross attempts a bounce, although remains vulnerable as markets digest the latest comments from ECB’s Draghi, speaking at the World Economic Forum in Davos. The ECB Chief reiterated that the central bank has enough tools and is ready to act when necessary.

    While the strengthening cable amid rally in the European stocks, also adds to the downside in the cross, with markets focused on the retail sales from the UK ahead of the German and EU PMI reports.

    EUR/GBP Technical Levels

    To the upside, the next resistance is located at 0.7670/64 (1h 100 & 50-SMA), above which it could extend gains to 0.7700 (round number). To the downside immediate support might be located at 0.7581 (Jan 19 High) below that at 0.7517 (20-DMA).
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