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EUR/GBP sell-off stalls around 23.6% Fibo support

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 10, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The offered tone around EUR strengthened ahead of ECB rate decision, but the bearish move in the EUR/GBP cross ran out of steam as the cross neared 0.7705 (23.6% of 0.6981-0.7928).

    Eyes ECB rate decision

    All eyes are on the ECB rate decision today. A year ago, ECB took a major step by announcing a bond buying program to ensure price stability and support Eurozone economy. But here we are, again speculating about possibility of more ECB easing.

    Still, the EUR is somewhat resilient as significant majority in the market fears the ECB may under delivery. Consequently, the cross has recovered from the daily lows to trade around 0.7725 levels.

    EUR/GBP Technical Levels

    The immediate support is seen at 0.7705 (23.6% of 0.6981-0.7928), under which the cross could drift lower to 0.7681 (23.6% of 0.6981-0.7897 + weekly 10-MA). On the other hand, a break above 0.7730 (5-DMA) would expose 10-DMA hurdle currently seen at 0.7757.
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