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EUR/GBP holding on above 0.7800

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    EUR/GBP has abandoned the area of overnight tops near 0.7830 and is now trading on a narrow range in the 0.7820/25 band.

    EUR/GBP appears supported at 0.7800

    The cross is looking to consolidate the recent drop from highs above the 0.7900 handle following the dovish FOMC meeting, finding quite decent support around the 0.7750/0.7800 band for the time being.

    In the data space, there are no scheduled releases in both the euro area and the UK, leaving the cross exposed to the risk appetite trends and a potential continuation of the profit taking sentiment.

    EUR/GBP key levels

    The European cross is now losing 0.04% at 0.7813 and a break below at 0.7801 (20-day sma) would expose 0.7693 (38.2% Fibo of 0.7310-0.7931) and finally 0.7690 (55-day sma). On the other hand, the initial hurdle aligns at 0.7913 (high Mar.17) ahead of 0.7931 (2016 high Feb.25) and then 0.8000 (psychological handle).
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