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EUR/GBP weaker, testing lows near 0.7880

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The sterling keeps outperforming its peers on Tuesday, now dragging EUR/GBP to fresh 2-week lows near 0.7880.

    EUR/GBP lower on GBP-buying, ‘Bremain’

    GBP continues to derive support after recent polls showed UK citizens are biased towards the UK remaining a member of the European Union at the referendum on June 23.

    This, coupled with a steady price action around EUR, has been weighing on the cross since early trade and has pushed it to break below the 0.7900 support for the first time since late March along with a breach of an important up-trend since December located at 0.7910.

    Data wise, Economic Sentiment in both Germany and the euro area have surpassed expectations in April, while the speech by BoE’s M.Carney is due later in the NA session.

    EUR/GBP key levels

    The cross is now losing 0.38% at 0.7896 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).
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