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EUR/GBP retreats below 0.8000

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The pound is rising against the euro after falling during the previous three trading days. EUR/GBP is testing daily lows as it trades at 0.7963, slightly above 0.7960.

    Today the pair is retreating from 1-month highs that reached on Friday at 0.8017. It managed to finish above 0.8000 last week and today it trades on top of the mentioned level during the Asian session. But on European hours it dropped below and continued to move to the downside. EUR/GBP is retreating but still holds above the key 0.7920/30 area, that broke on Friday.

    EUR/GBP levels to watch

    During the last hours the pair has remained steady, moving in a range between 0.7960 and 0.7985; a break of the range could open the doors for a continuation. Above 0.7985, resistance levels might be seen at 0.8000 (Asian session low), 0.8015/20 (Apr 1 high) and 0.8035/40 (Nov 2014 highs).

    On the opposite direction, below 0.7960, it could drop toward 0.7920/30 and below here the next support levels might lie at 0.7900 (psychological) and 0.7850 (20-day moving average).
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