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EUR/GBP: looking for a bullish close above 20 dma

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 3, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - EUR/GBP is above the 0.76 handle and the 200 sma on the hourly sticks at 0.7594.

    The euro has rallied on a soft dollar, as has the pound, but the euro has the upper hand in a short squeeze that triggered multiple stops on the way up. "We think EURUSD is likely to trade on a firmer footing as the 1.13 area beckons," suggested analysts at TD Securities.

    "Super Thursday;' at the BOE tomorrow and newspapers dominated by the Brexit story will attract more attention however, and the FT's headline (“Cameron faces tough fight to sell EU plan”) doesn't suggest we'll get much of a bid to sterling," suggested Kit Juckes, economist at Societe Generale.

    EUR/GBP levels

    EUR/GBP has recovered into key bullish territory through the 0.75 handle and looks for space to consolidate on the 0.76 handle above the 1hr 200 sma at 0.7594. This converges with the 20 dma at 0.7585 today and the uptrend eyes 0.7755 high of 19th Jan. RSI (14) is in neutral on the 4hr sticks at 47.06 and spot trades above the pivot of 0.7577, with R1 at 0.7613 and R2 at 0.7655 .
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