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EUR/GBP looks to keep 0.7000

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 23, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - Both the shared currency and the sterling are now gathering some upside momentum, lifting EUR/GBP to test the 0.7030 area, or session tops.

    EUR/GBP bounces off 0.6990

    In spite of today’s advance, the European cross remains vulnerable and keeps intact its longer term bearish bias in light of the likeliness of further easing by the ECB at its December meeting.

    In addition, the BoE is expected to hike rates at some point during the second half of the next year, while the ECB could extend its QE programme beyond September 2016.

    EUR/GBP important levels

    As of writing the cross is advancing 0.15% at 0.7017 facing the next hurdle at 0.7101 (23.6% Fibo of 0.7496-0.6979) ahead of 0.7197 (100-day sma) and finally 0.7244 (55-day sma). On the other hand, a break below 0.6985 (low Nov.17) would open the door to 0.6948 (low Aug.5) and then 0.6934 (2015 low Jul.17).
    For more information, read our latest forex news.
     

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