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EUR/GBP hits 1-week highs as cable plummets

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 2, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - EUR/GBP rebounded and resumed the upside hitting at 0.7072, the strongest level in a week. Earlier the pair bottomed at 0.7029 but bounced to the upside. Currently it trades at 0.7065, up 20 pips for the day, rising for the second day in row.

    EUR/GBP up, despite data

    The euro is up versus the pound despite inflation numbers from November of the Eurozone that came below expectations, ahead of tomorrow’s ECB meeting when the central bank is expected to announce more stimulus.

    The sharp decline of GBP/USD could have boosted the EUR/GBP pair. Cable dropped below 1.5000 and fell to the lowest level sin seven months. The euro is also falling versus the US dollar but EUR/USD still remains above Monday’s lows.

    EUR/GBP technical levels

    To the upside, resistance levels might be located at 0.7080 (last week highs), 0.7110 (Nov 12 high) and 0.7155/60 (July 27, Aug 14, Nov 5 high). On the opposite direction, support could be located at 0.7050 (20-day MA), 0.7030 (daily low) and 0.7000/05 (psychological level / Dec 1 low).
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