EUR/GBP slumps to lows near 0.7890

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 25, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The renewed buying interest around the sterling is prompting EUR/GBP to test fresh daily lows in the 0.7890 area.

    EUR/GBP weaker on GBP-buying

    The cross has seen its downside accelerated after a bout of selling interest in the British pound dragged it lower during the European morning. In the meantime, the single currency remains in a sideline pattern, adding to the decline in the cross.

    Nothing expected data wise in both Euroland and the UK today, all against a backdrop of scarce volatility and thin trade due to the Good Friday holiday.

    EUR/GBP key levels

    The European cross is now losing 0.03% at 0.7895 and a breakdown of 0.7805 (20-day sma) would expose 0.7732 (55-day sma) and then 0.7650 (post-ECB low Mar.10). On the other hand, the initial up barrier aligns at 0.7947 (2016 high Mar.24) ahead of 0.8007 (monthly high Dec.16 2014) and then 0.8041 (monthly high Nov.19 2014).
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