EUR/GBP reaches fresh 2-month highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 22, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - The euro extended gains versus a weaker pound on Tuesday, with the UK currency under broad pressure following disappointing public sector net borrowing figures.

    EUR/GBP is rising for third day in a row, having reached a 2-month high of 0.7362 in recent dealings. At time of writing, the pair is trading at 0.7358, 0.40% above its opening price.

    EUR/GBP trades up nearly 5% this month as the euro continues to perform well following ECB shock, while the pound remains among the weaker currencies in the FX market.

    EUR/GBP levels to watch

    In terms of technical levels, EUR/GBP could find immediate resistances at 0.7372 (Oct 21 high), 0.7441 (Oct 2 high) and then 0.7492 (Oct 13 high). On the flip side, supports are seen at 0.7319 (Dec 22 low), 0.7272 (10-day SMA) and 0.7223 (100-day SMA).
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