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EUR/GBP retreat from the highs continues

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 14, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The EUR continued to surrender gains after the ECB minutes release, pushing the EUR/GBP cross to 0.7556 levels.

    EUR hurt by ECB’s take on rate cut

    The minutes released a few minutes ago showed the policymakers see a further room for a rate cut following the December’s 10bps reduction. The minutes also expressed worry about the sliding inflation.

    Consequently, the common currency trimmed gains, but the risk aversion in the European equities is keeping the bid tone on the EUR intact to some extent. Later in the day, the cross could revisit the daily highs if the US stocks extend Wednesday’s risk aversion.

    EUR/GBP Technical Levels

    The cross currently trades around 0.7565. The immediate resistance is seen at 0.7624 (Jan 15, 2015 low), above which the cross could target 0.7693 (Jan 20, 2015 high). On the other hand, failure to sustain above 0.7555 (Jan 11 high) would open doors for technical correction to 0.7500 handle.
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