EUR/GBP turns negative below 0.7900

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 28, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The better tone in the sterling has been weighing on EUR/GBP on Monday, dragging it to the 0.7880 area, or session lows.

    EUR/GBP finds decent support at 0.7880

    The European cross has broken below the 0.7900 handle following an increasing buying interest in GBP at the end of the Asian session, as the US dollar seems to be taking a breather after last week’s rally.

    There are no scheduled releases in the euro region today following Easter Monday holiday, while the US calendar will likely dictate the sentiment in the global markets.

    EUR/GBP key levels

    The European cross is now losing 0.38% at 0.7882 facing the next support at 0.7813 (20-day sma) ahead of 0.7747 (55-day sma) and then 0.7650 (post-ECB low Mar.10). On the other hand, a breakout of 0.7947 (2016 high Mar.24) would aim for 0.8007 (monthly high Dec.16 2014) and finally 0.8041 (monthly high Nov.19 2014).
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