EUR/GBP retreats from highs, near 0.7910

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 26, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    EUR/GBP is so far managing well to keep the trade in the upper bound of the weekly range, now around 0.7910 after a brief test of the 0.7125/30 band.

    EUR/GBP consolidates above 0.7900

    The European cross is confirming the bullish tone seen this year, posting gains in six out of eight weeks so far and jumping more than nine big-figures since November’s troughs around the 0.7000 handle, all mostly sustained by a much weaker tone surrounding the British pound, hammered in turn by ‘Brexit’ fears.

    Absent releases in the UK, the omnipresent ‘Brexit’ remains a top catalyst for GBP, while EMU’s Economic Sentiment and advanced German inflation figures for the current month will grab all the attention this side of the Channel.

    EUR/GBP key levels

    The European cross is now up 0.21% at 0.7911 facing the next hurdle at 0.7977 (high Dec.1 2014) followed by 0.8007 (high Dec.16 2014) and then 0.8041 (high Nov.27 2014). On the other hand, a breach of 0.7758 (20-day sma) would aim for 0.7715 (2-month uptrend) and finally 0.7523 (low Feb.3).
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