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EUR/GBP reaches highs near 0.7750

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The increasing offered tone around the British pound is lifting EUR/GBP to test session tops in the mid-0.7700s.

    EUR/GBP looks to EMU, UK data

    The European cross is posting gains after two consecutive sessions of losses, looking to extend the rebound from recent troughs in the 0.7700 neighbourhood and with the interim target at last week’s peaks around the 0.7900 mark.

    Volatility is expected to pick up around the cross in light of UK’s inflation figures due later and the German ZEW Survey. Prior Surveys see headline CPI to have risen at an annualized 0.3% during last month, up from December’s 0.2% gain.

    EUR/GBP key levels

    The European cross is now up 0.15% at 0.7738 facing the next hurdle at 0.7901 (high Feb11) followed by 0.8007 (high Dec.16 2014) and then 0.8041 (high Nov.27 2014). On the other hand, a breach of 0.7678 (20-day sma) would aim for 0.7631 (2-month uptrend) and finally 0.7523 (low Feb.3).
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