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EUR/GBP slumps to lows near 0.7980

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The now stronger tone around the sterling is dragging EUR/GBP to test session lows in the 0.7985/80 band.

    EUR/GBP lower post-UK data

    The European cross has gathered further downside pressure today following higher-than-expected CPI figures for the month of March, with headline consumer prices advancing 0.5% on a yearly basis.

    In the meantime, the risk-on sentiment continues to prevail amongst traders, benefiting GBP in detriment of EUR and sending the cross to 5-day troughs.

    EUR/GBP key levels

    The European cross is now retreating 0.29% at 0.7986 and a breakdown of 0.7945 (20-day sma) would expose 0.7825 (low Mar.29) and then 0.7824 (55-day sma). On the flip side, the next up barrier lines up at 0.8119 (2016 high Apr.7) followed by 0.8349 (monthly high Feb.6 2014) and finally 0.8401 (2014 high Mar.18).
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