EUR/GBP: trading at the lows on better UK

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 1, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - EUR/GBP is currently trading at the lows of 0.7547 with the price dropping back and hitting a wall of converging resistance.

    EUR/GBP has been better while the UK has been offering a better picture of late, and just today, sterling was supported with the modest improvements in the UK as the Markit Manufacturing PMI for January reached a fresh 3-month high of 52.9, up from December's 52.1.

    EUR/GBP levels

    Technically, while the cross has been capped at recent highs, Karen Jones, chief analyst at Commerbank, reported earlier, "This is quite a pivot point and is regarded as formidable resistance near term. Dips lower are heading towards the support line at 0.7546, but should be finding good support between it and the 0.7492 October high. Such a move would be regarded as a return to point of break out."

    In respect to levels, through the 0.7600 psychological level, R1 stands at 0.7627 and R3 at 0.7665. Below the market, S2 is at 0.7518 and S3 at 0.7499.
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