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EUR/GBP turns positive, in highs near 0.7800

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 2, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/GBP has quickly reverted the negative start today and is now returning to the 0.7800 neighbourhood, or session peaks.

    EUR/GBP stronger on GBP-selling

    The sterling surrendered its initial gains vs. the common currency and has boosted the European cross to the area of daily highs around 0.7800 the figure after bottoming out around 0.7760 following the closing bell in Asia.

    Next on tap for the cross will be UK’s Construction PMI, expected a tad higher at 55.5 during February, followed by speeches by MPCs Brodbent and Cunliffe.

    EUR/GBP key levels

    The European cross is now up 0.11% at 0.7796 and a breakout of 0.7931 (high Feb.25) would expose 0.7977 (high Dec.1 2014) and then 0.8007 (high Dec.16 2014). On the other hand, the next support lines up at 0.7692 (low Feb.16) ahead of 0.7596 (55-day sma) and finally 0.7523 (low Feb.3).
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