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EUR/GBP pushes higher to 0.7560

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The now better bid tone around the single currency is prompting EUR/GBP to climb further and test daily highs in the 0.7560 area.

    EUR/GBP focus on risk trends

    Second-tier releases in both Euroland and the UK will motivate the cross to look to the broader risk appetite trends for direction. In the meantime, the cross is attempting to consolidate the break above the 0.7500 handle, although yesterday’s stab to the boundaries of the 0.7600 mark seems to be capping the upside for the time being.

    Mildly dovish minutes from the BoE on Thursday have failed to spark some recovery in the sterling, which keeps the bearish tone as market expectations of a rate hike by the ‘Old Lady’ have been pushed further back to Q4 2016.

    EUR/GBP levels to consider

    As of writing the cross is advancing 0.30% at 0.7561 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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