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EUR/GBP keeps rising above 0.7900, test 2016 highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 31, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The euro extended gains versus the pound after the beginning of the American session as EUR/USD reached levels on top 1.1400. The common currency is among the top performers on Thursday.

    EUR/GBP has been moving with an upside bias all day and recently broke above 0.7915 and jumped to test 2016 hitting a fresh daily high at 0.7944, just two pips below 0.7946 (2016 highs); if it breaks above it would be trading at the highest level since December 2014.

    Last week the pair dropped, making a bearish correction. On Tuesday the retracement found support around 0.7830, slightly above the 20-day moving average. Yesterday the pair started to rise from that area and today accelerated the rally.

    EUR/GBP eyes 0.80

    A break above 0.7950, would expose the psychological 0.8000 mark; above the next relevant resistance could be seen around 0.8030; the last time the pair managed to post a daily close significantly on top of 0.8030 was back in June 2014.

    On the downside, the relevant short-term support could be seen at 0.7825/30 (20-day moving average / March 29 & 30 low) and below here at 0.7770 (March 18 low).

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