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EUR/GBP weaker, testing 0.7900 ahead of ZEW

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 19, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The renewed demand for the sterling has been dragging EUR/GBP almost a cent lower from the area of 0.80 the figure to the current 0.7915/10 band.

    EUR/GBP lower as ‘Brexit’ deflates

    The selling pressure around the European cross has gathered fresh impetus on strong GBP-buying, all in response to a recent advance of the ‘Remain’ vote, as shown by the latest ORB Poll for The Telegraph.

    In the same line, an analysis carried on by HM Treasury has concluded that Britain will definitely be worse off if it leaves the European Union.

    In the meantime, the cross is navigating fresh 3-week lows in the 0.7900 neighbourhood, ahead of German/EMU ZEW Survey and the speech by Governor M.Carney due later in the NA session.

    EUR/GBP key levels

    The cross is now losing 0.13% at 0.7913 facing the next support at 0.7688 (20-day sma) ahead of 0.7650 (low Mar.7) and then 0.7556 (100-day sma). On the flip side, a breakout of 0.8119 (2016 high Apr.7) would expose 0.8349 (monthly high Feb.6 2014) and finally 0.8401 (2014 high Mar.18).
    For more information, read our latest forex news.

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