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EUR/GBP retreats further from 11-month highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 11, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - EUR/GBP is falling on Monday and during the last hours, it has been hovering around 0.7460/70, consolidating losses.

    EUR/GBP unable to hold above 0.7500

    The pair started the week trading at the strongest level since February 2015. It peaked at 0.7555 and then pulled back, finding support initially at 0.7500. The recovery of the pound in the market pushed the pair further to the downside and once below 0.7500 accelerated to the downside.

    It bottomed after Wall Street opening bell at 0.7442 and then bounced modestly to the upside.

    The euro lost strength after being unable to hold above 0.7500 but so far it remained above Friday’s lows the lie at 0.7420, level that has become an important short-term support.

    EUR/USD and GBP/USD declined during the last hours. While the euro reached fresh lows, the pound eared gains. Greenback gained momentum as stocks in Wall Street failed to hold to gains and dropped into negative territory.
    For more information, read our latest forex news.
     

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