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EUR/GBP picking up pace towards 0.7500

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 13, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - After bottoming out in the 0.7470 area overnight, EUR/GBP has put itself toghether and is now on track to test the key 0.7500 barrier.

    EUR/GBP lower on GBP-buying

    Today’s recovery of the sterling has been weighing on the cross since early in the Asian session, dragging it from recent highs around the mid-0.7500s. In addition, very auspicious Chinese trade figures have boosted the riskier assets in detriment of the single currency, which continues to trade on the defensive so far.

    The are no scheduled releases in the UK economy today, while Industrial Production figures in the euro region and the ECB’s Non-monetary policy meeting will keep investors busy during the European morning.

    EUR/GBP levels to consider

    As of writing the cross is down 0.25% at 0.7497 with the next support at 0.7380 (1-month uptrend) followed by 0.7267 (100-day sma) and finally 0.7215 (200-day sma). On the other hand, a surpass 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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