EUR/GBP: upside targets 2015 winter highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 16, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    EUR/GBP is currently trading at 0.7797 with a high of 0.7812 and a low of 0.7695.

    EUR/GBP has rallied as the greenback gather pace and the pound takes the biggest hit. Earlier in the London shift, the UK delivered a large amount of key data. The CPI was the biggest event and came in below expectations, not missing by much but enough to deter investment in UK assets and denominated in sterling. Actual arrived as 1.2% vs 1.3% expected and below 1.3% prior Y/Y for January.

    UK: Lack of inflation gives BoE scope to respond to Brexit risks - ING

    Despite a dovish Draghi yesterday, EUR/GBP rallied from the lows of 0.7702 to 0.7734 on the same hourly stick and has continued on the bid throughout the session to score recent highs of 0.7812.

    GBP likely to see sharp swings on Brexit rumours - TDS

    EUR/GBP levels

    Technically, EUR/GBP has continued to build a bullish case from the support of 0.7525 this year in2016 and while the cross was capped at 0.7897, the base 0.7492-0.6937 supporting range offers an upside measured target to approximately 0.8030/50, winter 2015 highs.
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