EUR/GBP spikes to 0.7830 as GBP crashes on Brexit fears

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The ongoing bullish run in the EUR/GBP cross found fresh momentum on a decisive break above 0.78 barrier and now extends towards last week’s high printed ahead of 0.7850.

    EUR/GBP taking on the upward trajectory from 10-DMA

    Currently, the EUR/GBP pair rallies 0.81% to 0.7830, having posted fresh session highs at 0.7833 last minutes. The bulls remain unstoppable and drive the cross towards weekly highs, mainly driven by sharp declines seen in the cable after Brexit worries raised its ugly head back into markets.

    While the cross completely ignored mild weakness seen in the EUR/USD pair and continues to reap benefits from the GBP/USD sell-off. Later today, the US retail sales and PPI data will provide fresh cues on both EUR and GBP ahead of Wednesday’s FOMC decision.

    EUR/GBP Technical Levels

    To the upside, the next resistance is located at 0.7851/52 (Mar 11 & 10 High), above which it could extend gains to 0.7898/0.7900 (Feb 29 High/ round number). To the downside immediate support might be located at 0.7762/50 (10-DMA/ 1h 200-SMA) below that at 0.7708 (50-DMA).
    For more information, read our latest forex news.

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