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EUR/GBP retreats from 21-month highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    A weak euro, remove momentum from EUR/GBP, that failed to hold to gains and now is falling for the second time out of the last seven trading days.

    Earlier the pair rose again above 0.8100 and peaked at 0.8117, highest since June 2014. Afterwards, it lost strength and started to retreat. It continued to decline after the ECB minutes and following Wall Street opening bell, bottomed at 0.8043.

    Currently, it trades at 0.8060/65, marginally lower for the day, 55 pips below today’s highs. Despite the retreated, EUR/GBP is still headed toward the fifth weekly gain in a row.

    EUR/GBP: Levels to watch


    To the upside, resistance level might be seen at 0.8080 (intraday level), 0.8115/20 (daily high) and 0.8150/55 (June 2014 high). On the opposite direction support might now be seen at 0.8045 (daily low), 0.8020/25 (Apr 1 high / Apr 6 low) 0.8000 and 0.7890 (20-day moving average).
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