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EUR/GBP sinks to lows near 0.8000

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The increasing buying interest around the British pound is now relegating EUR/GBP to trade in fresh lows in the boundaries of the psychological support at 0.8000.

    EUR/GBP lower on GBP/JPY buying

    GBP has been rallying vs. its major rivals since early in the European morning, currently trading in session highs vs. USD, JPY and EUR, while market participants continue to point to stops being triggered as the main driver behind the ongoing up move.

    Ahead in the week, tomorrow’s inflation figures in the UK economy and the BoE’s MPC meeting on Thursday will be the most relevant events this week.

    In the meantime, the cross continues to challenge the 0.8000 key support, extending the drop from fresh multi-month highs near 0.8120 recorded last Thursday.

    EUR/GBP key levels

    The European cross is now losing 1.02% at 0.7996 facing the next support at 0.7942 (20-day sma) ahead of 0.7825 (low Mar.29) and then 0.7819 (55-day sma). On the flip side, a breakout of 0.8119 (2016 high Apr.7) would expose 0.8349 (monthly high Feb.6 2014) and finally 0.8401 (2014 high Mar.18).
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