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EUR/GBP through 0.7700, session highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The single currency is advancing further at the beginning of the week bolstered by the increasing risk aversion, sending EUR/GBP through the 0.7700 handle.

    EUR/GBP firmer on EUR-buying

    The renewed selling pressure around the sterling plus the solid sentiment around the risk-off trade is now lifting the European cross to the proximity of 0.7730, trading at shouting distance from YTD tops near 0.7760 seen in late January.

    Nothing of note in Euroland in the data space, where the Sentix index has come in at 6 for the current month, missing estimates at 7.6 and down from January’s 9.6

    EUR/GBP key levels

    The European cross is now advancing 0.44% at 0.7725 and a break above 0.7756 (high Jan.20) would aim for 0.8007 (high Dec.16 2014) and then 0.8041 (high Nov.27 2014). On the other hand, the immediate support aligns at 0.7481 (61.8% Fibo of 0.7310-0.7758) ahead of 0.7310 (low Jan.5) and finally 0.7249 (200-day sma).
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