EUR/GBP retakes 0.7900 and above

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 24, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    EUR/GBP remains on the upside today bolstered by the much softer tone around the British pound.

    EUR/GBP in multi-month highs

    The European cross has managed to clinch peaks above the 0.7900 handle today, levels last seen in December 2014, following an increasing offered tone hitting GBP backed by ‘Brexit’ jitters.

    Nothing worth mentioning regarding data releases in the euro area today, while UK’s Mortgage Approvals have come in better than estimated during January. Later in the session, BoE’s J.Cunliffe will give a speech.

    EUR/GBP key levels

    The European cross is now up 0.42% at 0.7894 facing the next hurdle at 0.8000 (psychological level) followed by 0.8007 (high Dec.16 2014) and then 0.8041 (high Nov.27 2014). On the other hand, a breach of 0.7728 (20-day sma) would aim for 0.7694 (2-month uptrend) and finally 0.7523 (low Feb.3).
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