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EUR/GBP slumps to 0.7750 on GBP-buying

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The selling pressure around the single currency is picking up pace today, now sending EUR/GBP to test fresh lows in the mid-0.7700s.

    EUR/GBP down from 0.7850

    The European cross is losing around a cent since overnight tops in the 0.7850 area, falling further in response to a re-emergence of the risk appetite in the global arkets and rising buying interest around the sterling.

    GBP has found extra legs after the UK’s trade deficit has come in lower than expected at £10.29 billion during January, down from December’s £10.45 deficit.

    EUR/GBP key levels

    The European cross is now down 1.03% at 0.7748 facing the immediate support at 0.7700 (psychological level) followed by 0.7650 (low Mar.10) and finally 0.7547 (61.8% Fibo of 0.7310-0.7931). On the other hand, a breakout of 0.7901 (high Feb.11) would open the door to 0.7931 (2016 high Feb.25) and then 0.7977 (high Dec.1 2014).
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