EUR/GBP surrenders gains, back to 0.8030

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 6, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    After hitting fresh cycle highs around 0.8050 on Tuesday, EUR/GBP has retraced part of the up move and is now hovering over the 0.8030 area.

    EUR/GBP focus on risk trends

    The European cross has managed to clinch highs in the mid-0.8000s on Tuesday, levels last traded in October 2014, following a wave of selling pressure in the British pound along with a resilient tone in the single currency, all amidst a context of risk-off sentiment.

    Data wise, the only release today will be German Industrial Production figures for the month of February. Nothing is expected across the Channel.

    EUR/GBP key levels

    The European cross is now losing 0.11% at 0.8030 facing the next support at 0.7883 (20-day sma) ahead of 0.7835 (low Mar.29) and then 0.7783 (55-day sma). On the flip side, a breakout of 0.8054 (2016 high Apr.5) would expose 0.8067 (monthly high Sep.10 2014) and finally 0.8100 (psychological level).
    For more information, read our latest forex news.

Share This Page

free forex signals