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EUR/GBP hovering over 0.7600 ahead of Draghi, BoE

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/GBP is trading almost unchanged around the 0.7600 handle on Thursday, while markets keep adjusting to yesterday’s sharp moves in the FX space.

    EUR/GBP attention to Draghi, BoE

    In the meantime, the European cross seems to have found quite a tough resistance area in the low-0.7600s for the time being, tracking the recent abrupt upside in both the common currency and the sterling.

    Ahead in the session, the focus of attention will be on the BoE’s meeting and subsequent minutes, followed by the usual speech by Governor M.Carney. On the other side of the Channel, President M.Draghi is expected to deliver a lecture at SUERF Conference, while board member Y.Mersch will give a speech in Zurich.

    EUR/GBP key levels

    The European cross is now down 0.02% at 0.7606 facing the next support at 0.7481 (61.8% Fibo of 0.7310-0.7758) ahead of 0.7310 (low Jan.5) and finally 0.7249 (200-day sma). On the other hand, a break above 0.7756 (high Jan.20) would aim for 0.8007 (high Dec.16 2014) and then 0.8041 (high Nov.27 2014).
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