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EUR/GBP hits 11-month highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - The euro extended weekly gains versus the pound and reached above 0.7500 the strongest level since February 2014.

    EUR/GBP continues to rally

    The pair is rising for the third day in a row. During the American session broke to the upside after moving during hours in a range between 0.7455 and 0.7425. It jumped to 0.7516, hitting the highest in 11 months.

    Afterwards the pair pulled back and it was trading around 0.7490/95, 20 pips above yesterday’s closing price.

    EUR/GBP
    is rising for the third day in a row accumulating a 200-pips gain. It is about to post the seventh consecutive weekly gain and the highest close in a year.

    A stronger euro, favored by risk aversion and a weak pound (with GBP/USD trading a the lowest since 2010, unable to find support) boosted the pair that has been rising constantly since late November from levels under 0.7000.
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