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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

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    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.
     

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