EUR/GBP trades below 0.76

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 26, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The EUR/GBP dipped to as the recovery in oil prices and stock markets weighed over the common currency.

    Carney’s dovish comments ignored

    The markets turned a blind eye towards BOE Carney’s dovish comments. The Cable extended gains to hit a session high of 1.4267, while the EUR/USD pair dropped to its daily low around 50-DMA and now stays there.

    Consequently, the EUR/GBP cross fell below 0.76 handle and currently trades around its hourly 50-MA at 0.7591. Earlier today, the risk aversion in China and the drop in oil prices and the resulting early losses in the European equities had pushed the pair to a high of 0.7664.

    EUR/GBP Technical Levels

    The immediate support is seen at 0.7573 (23.6% of 0.6981-0.7755), under which the cross could drop to 0.7525 (Jan 22 low). On the other hand, a break above 10-DMA at 0.7617 could see the cross revisit its daily high of 0.7664.
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