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EUR/GBP slumps to 0.7750, fresh lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 12, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The solid performance of the British pound is driving EUR/GBP to the area of fresh daily highs in the mid-0.7700s.

    EUR/GBP lower on GBP-bid

    The cross is retreating further during the European afternoon, extending the leg lower after being rejected from fresh 1-year peaks around 0.7900 the figure traded in the Asian session.

    Poor prints from EMU’s Industrial Production during December and ‘in-line’ preliminary readings from Q4 GDP have added further selling pressure to EUR, exacerbating the already offered mood that has been prevailing since early trade.

    EUR/GBP key levels

    The European cross is now losing 0.86% at 0.7756 and a breach of 0.7689 (20-day sma) would aim for 0.7615 (2-month uptrend) and finally 0.7523 (low Feb.3). On the flip side, the next up barrier aligns at 0.7901 (high Feb11) followed by 0.8007 (high Dec.16 2014) and then 0.8041 (high Nov.27 2014).
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