EUR/GBP turns positive as Brexit fears weigh over Sterling

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 30, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    EUR/GBP regained poised and now trades positive on the day around 0.7870 as Brexit fears saw Cable trim gains.

    EUR resilient to stock market gains

    The common currency is showing resilience to stock market gains with traders eyeing the preliminary German CPI figure due later today. Consequently, the EUR/USD pair remains on the front foot around its daily high of 1.1330.

    On the other hand, Cable has shed significant part of its gains to trade just below 1.44 handle largely due to Brexit fears. Consequently, the EUR/GBP strengthened and looks poised to test 0.79 handle.

    EUR/GBP Technical Levels

    The immediate hurdle at 0.7880 (hourly 100-MA) if breached shall open doors for a rise to 0.79 levels. On the other hand, a break below 0.7830 (previous day’s low) would expose 0.7774 (Mar 18 low).
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