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EUR/GBP rises above 0.78 as GBP selling gathers pace

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Offered tone around Sterling gathered pace ahead of European opening bell, pushing the EUR/GBP cross to a high of 0.7819 levels.

    Brexit fears dominate

    Positive action in the European equity futures is receiving little attention from the traders, who remain focused on the Brexit fears. London’s Mayor joined ‘leave camp’ and triggered a wave of selling in GBP in early Asia.

    European desks are following Asian traders and selling Pound across the board. Consequently, the EUR/GBP cross hit a session high of 0.7830. The cross could take cues from the Eurozone PMI releases.

    EUR/GBP Technical Levels

    The immediate support is seen at 0.78, under which the cross could drop to 0.7762 (50-DMA). On the other hand, a break above 0.7845 (Feb 17 high) could see the pair rally to 0.7897 (Feb 11 high).
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