EUR/GBP unchanged in the low-0.7700s

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 7, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    Calm waters in both the sterling and the shared currency are motivating EUR/GBP to keep the trade just above the key 0.7700 support on Monday.

    EUR/GBP well supported near 0.7700

    The European cross has found pretty decent support around the 0.7700 handle during last week following a strong rebound of the British pound, which continued to recover ground lost after recent multi-period troughs.

    Data wise in Euroland, German Factory Orders are next on tap seconded by EMU’s Sentix index, while Industrial/Manufacturing Production will take centre stage in the UK economy on Wednesday.

    EUR/GBP key levels

    The European cross is now up 0.02% at 0.7736 and a breakout of 0.7787 (20-day sma) would aim for 0.7931 (high Feb.25) and then 0.7977 (high Dec.1 2014). On the other hand, the immediate support aligns at 0.7693 (38.2% Fibo of 0.7310-0.7931) ahead of 0.7688 (low Mar.2) and finally 0.7625 (55-day sma).
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