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EUR/GBP jumps to 0.7370

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 6, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - A weak pound boosted the EUR/GBP pair that rose 30 pips in a few minutes, erasing yesterday’s losses.

    Euro recovering from 13-day low

    On Tuesday the pair dropped to 0.7311, hitting the lowest level in almost two weeks. The decline started on Monday from levels on top of 0.7400.

    After finding support above 0.7300, the euro stabilized and recently jumped to the upside, boosted by a decline of the pound. EUR/GBP broke above 0.7345 and peaked at 0.7370. It was trading at 0.7362/66, up 35 pips from today’s opening price.

    The pair soared as EUR/USD remained steady around 1.0750/70 and while GBP/USD dropped to test multi-month lows at 1.4600. The pound is the worst performer among European currencies.

    EUR/GBP technical levels


    To the upside, resistance levels might lie at 0.7370 (daily high), 0.7400 (psychological) and 0.7425 (Jan 04 high). On the opposite direction, support could be located 0.7345 (Asian session high), 0.7330 (20-hour MA), 0.7315/20 (daily low) and 0.7300.
    For more information, read our latest forex news.
     

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