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EUR/GBP keeps highs near 0.7860

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 30, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/GBP is extending its upbeat momentum on Wednesday, hovering over session highs near 0.7860 ahead of the opening bell in Euroland.

    EUR/GBP focus on EMU, German data

    The cross is back to the positive territory after yesterday’s correction lower towards the 0.7830 area, bolstered by a better sentiment towards the risk-associated space following Yellen’s dovish speech.

    EUR will be in the limelight ahead in the session, as EMU’s Economic Sentiment and Business Climate are due later, seconded by the more relevant advanced inflation figures in Germany for the current month.

    EUR/GBP key levels

    The European cross is now gaining 0.10% at 0.7856 facing the next resistance at 0.7947 (2016 high Mar.24) ahead of 0.8007 (monthly high Dec.16 2014) and finally 0.8041 (monthly high Nov.19 2014). On the other hand, a breakdown of 0.7816 (20-day sma) would expose 0.7751 (55-day sma) and then 0.7650 (post-ECB low Mar.10).
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