EUR/GBP remains between 0.7300 and 0.7200

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 15, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Córdoba) - EUR/GBP failed to hold to gains and then turned to the downside, but only to rebound toward current levels. At the moment is trading at 0.7254/58, at the same level it closed yesterday.

    The euro rose to test Monday’s highs and the 0.7300 but then lost momentum after inflation data from the United Kingdom. It continued to fell as EUR/USD dropped below 1.1000 and bottomed at 0.7215, from where it rebounded.

    EUR/GBP levels to watch

    On a wider perspective, the pair still holds a bullish tone but so far unable to consolidate above 0.7260. If it manages to post a daily close above it could gain momentum while a break above 0.7300 could open the doors for further gains.

    To the downside, the key support area is located around 0.7205/10, where various December daily lows are located and also where currently the 100 and 200-day MA stand. A break below could signal that a bearish correction might be coming.
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