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EUR/GBP ticks higher ahead of BOE speak

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The EUR/GBP regained bid tone to clock a fresh session high of 0.7748 amid weak European stocks and ahead of Bank of England’s Haldane’s speech.

    EU Sentix confidence drops

    The Eurozone Sentix investor confidence dropped to 5.5 in March, missing the estimated rise to 8.0 from the previous reading of 6.0. However, the weaker-than-expected data had not impact on EUR/GBP cross, given the Cable is being offered ahead of Haldane speech.

    Meanwhile, the losses in the European stocks are also helping the common currency gain ground against Sterling. The cross currently trades around 0.7745 with eyes set on 5-DMA at 0.7753.

    EUR/GBP Technical Levels

    The immediate resistance is seen at 0.7753 (5-DMA), above which gains could be extended to 0.7804 (10-DMA). On the other hand, a breakdown of immediate support at 0.7725 would open doors for a sell-off to 0.7681 (23.6% of 0.6981-0.7897).
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