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EUR/GBP hits fresh 1-year highs

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/GBP broke above 0.7730 and jumped to 0.7762 hitting the highest level since January 2015. The pair remains at the highs, rising for the fifth consecutive day.

    Initially, a weak pound started to boost the pair and then during the American session the euro strengthened and pushed it further to the upside.

    While EUR/USD is trading at fresh highs above 1.1200, GBP/USD managed to move off weekly lows and climbed above 1.4400, still far from 1.4520, the level it had in Asian hours.

    EUR/GBP technical levels


    To the upside, immediate resistance is seen at 0.7760 (daily high) and then the strong 0.7800 area (November 2014 low / psychological). On the opposite direction, support could be located at 0.7735/40 (American session low), 0.7715 (Feb 05 high) and 0.7660/65 (January 26, 27 & 28 high / daily low).
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