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EUR/GBP on its way to 0.7700?

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 18, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    EUR/GBP keeps losing ground on Thursday, now accelerating its downside towards the low-0.7700s.

    EUR/GBP nose-dives towards 0.7700

    The European cross intensifies its offered tone today in response to the solid performance of the British pound, while the single currency keeps free-falling across the board.

    Increasing hopes of a deal between the UK and its EU counterparts at the 2-day gathering in Brussels have been sustaining today’s GBP upside momentum. Furthermore, the sterling found additional support in the appreciations by BoE’s J.Cunliffe regarding the outlook for a rate hike in the UK economy.

    EUR/GBP key levels

    The European cross is now losing 0.89% at 0.7719 and a breakdown of 0.7689 (20-day sma) would aim for 0.7651 (2-month uptrend) and finally 0.7523 (low Feb.3). On the other hand, the next resistance lies at 0.7901 (high Feb11) followed by 0.8007 (high Dec.16 2014) and then 0.8041 (high Nov.27 2014).
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