EUR/GBP turns negative near 0.7680

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 20, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - EUR/GBP is now losing further ground, testing daily lows in the 0.7680 area after being rejected from 1-year highs around 0.7750.

    EUR/GBP off 1-year highs

    The increasing selling pressure around the sterling has been the almost exclusive driver behind the sharp upside in the cross, opposed to a more sidelined pattern seen in the shared currency.

    Data wise, positive results from UK labour market have lent extra support to the British pound, with market participants shrugging off yesterday’s dovish tone from Governor M.Carney.

    EUR/GBP key levels

    The European cross is now losing 0.11% at 0.7687 and a breakdown of 0.7469 (20-day sma) would aim for 0.7442 (2-month uptrend) and finally 0.7310 (low Jan.5). On the other hand, the immediate hurdle lines up at 0.7756 (high Jan.20) followed by 0.8007 (high Dec.16 2014) and then 0.8041 (high Nov.27 2014).
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