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EUR/GBP nears 0.81 handle

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/GBP is trading within a striking distance from 0.81 handle as the bearish sentiment around Sterling just keeps strengthening.

    Trades at highest since June 2014

    The cross is trading at its highest since June 2014. Gains witnessed today are largely due to a sharp sell-off in Cable that overshadowed a minor drop seen in EUR/USD pair. In early Europe, there were reports that latest polls are showing sentiment shifting in favor of Brexit and that triggered a drop in GBP.

    Cable plunged to near 1.40 handle in early US, helping EUR/GBP cross to extend gains towards 0.81 handle.

    EUR/GBP Technical Levels

    The immediate hurdle is noted at 0.81, above which the cross could target 0.8233 (monthly 100-MA). On the other hand, a failure to sustain above 0.8065 (Sep 2014 high) levels would expose 0.80 handle.
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