EUR/GBP retreats further to 0.7180

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 4, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The single currency remains on the defensive today after yesterday’s stellar upside, now pushing EUR/GBP to daily lows near 0.7180.

    EUR/GBP capped by 0.7250

    The European cross is retreating from 6-week highs in the mid-0.7200s after the ECB has surprised markets at its meeting on Thursday. However, a re-emergence of the sentiment around the greenback is prompting EUR to surrender part of its recent gains and thus dragging the cross back below the 0.7200 mark.

    Data wise, German Factory Orders have come in better than expectations during October, although market participants have largely ignored the results.

    EUR/GBP levels to consider

    As of writing the cross is retreating 0.61% at 0.7182 facing the next support at 0.7101 (23.6% Fibo of 0.7496-0.6979) ahead of 0.7000 (psychological level) and then 0.6979 (low Nov.18). On the other hand, a break above 0.7251 (high post-ECB Dec.3) would open the door to 0.7299 (61.8% Fibo of 0.7496-0.6979) and finally 0.7376 (high Oct.21).
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