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EUR/GBP prints highs near 0.7580

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The selling pressure around the sterling plus the upbeat tone in the single currency are driving EUR/GBP higher to daily peaks near 0.7580.

    EUR/GBP firmer on risk-aversion

    The cross has gathered further upside momentum following a weak opening of European equities. Another drop in the Chinese markets in early trade has prompted the risk aversion to return to the markets, giving EUR extra oxygen.

    Nothing significant data wise in the euro area, with only Spanish and Italian inflation figures due ahead of EMU’s trade balance figures.

    EUR/GBP levels to consider

    As of writing the cross is advancing 0.44% at 0.7572 and a surpass of 0.7608 (high Jan.14) would expose 0.7715 (high Jan.21 2015) and then 0.7875 (2015 high Jan.6). On the other hand, the next support lines up at 0.7403 (20-day sma) followed by 0.7389 (1-month uptrend) and then 0.7310 (low Jan.5).
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