EUR/GBP off lows, re-takes 0.7680

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The EUR/GBP cross remains heavy, although retreated from lows as the euro found some support from wavering European stocks.

    EUR/GBP regains 5-DMA

    Currently, the EUR/GBP pair trades -0.19% lower at 0.7675, recovering from fresh session lows reached at 0.7661 last minutes. The EUR/GBP cross dropped sharply this session, largely on the back of a firmer GBP/USD amid broad based USD retreat.

    However, the bulls were rescued by a sudden bid wave seen in the EUR/USD pair, after the European stocks wiped-out gains and continued to wobble. Markets now await the Euro zone Sentix investors’ confidence data amid a data-quiet EUR calendar ahead.

    EUR/GBP Technical Levels

    To the upside, the next resistance is located at 0.7700 (round number), above which it could extend gains to 0.7719 (Feb 5 High). To the downside immediate support might be located at 0.7630/18 (1h 100 & 200-SMA) below that at 0.7591/88 (Jan 28 & Feb 4 Low).
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