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EUR/GBP hit fresh session high after ECB rate decision

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 21, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The EUR/GBP pair gained a couple of pips to hit a daily high of 0.7742 levels after the ECB left the key policy rates unchanged as expected.

    Eyes ECB press conference

    A significant minority in the market expects the ECB’s Draghi to hint at more easing in March, while the consensus is that Draghi would reiterate readiness to do more in response to oil driven low inflation.

    Meanwhile, Brexit fears have gathered pace and that could keep the cross well supported. As of now, the cross is trading around 0.7735 and may head lower if Draghi hints at more easing.

    EUR/GBP Technical Levels

    The immediate resistance is seen at 0.7755 (previous day’s high). A break higher could see the cross re-rise to 0.78 levels. On the other hand, a break below 0.7669 (previous day’s low) would open doors for a slide to 5-DMA at 0.7643.
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