EUR/GBP off highs, back to 0.7510

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The recent weakness around the sterling has prompted EUR/GBP to regain the 0.7500 handle and post 1-year high near 0.7560 in overnight trade.

    EUR/GBP retakes 0.7500

    The European cross keeps its upside well and sound today, trading on a firm footing in levels last seen in February 2015 in response to the selling pressure hitting the sterling and the rangebound pattern seen around the single currency at the beginning of the year.

    Ahead in the session, EMU’s Investor Confidence tracked by the Sentix index is only due today, expected to deflate to 12.2 for the current month from December’s 15.7. Across the Channel, UK’s Industrial/Manufacturing Production and the NIESR GDP Estimate are all due tomorrow.

    EUR/GBP levels to consider

    As of writing the cross is down 0.05% at 0.7515 facing the next support at 0.7367 (1-month uptrend) followed by 0.7265 (100-day sma) and finally 0.7214 (200-day sma). On the other hand, a breakout of 0.7595 (high Feb.3 2015) would expose 0.7715 (high Jan.21 2015) and then 0.7875 (2015 high Jan.6).
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