EUR/GBP wobbles around 0.7600 on Carney

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 26, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The sudden recovery of the British pound is now dragging EUR/GBP back to the 0.7600 neighbourhood, fading the earlier spike to highs near 0.7670.

    EUR/GBP in session lows

    The sterling has gained further upside momentum following the speech by Governor M.Carney before UK parliamentary lawmakers, where he declined to comment on whether GBP was overvalued and he once again stressed that conditions are ‘not in place’ for a rate hike.

    The cross has abandoned the area of session highs in the proximity of 0.7670 to fall as low as the 0.7590 region, or daily troughs.

    EUR/GBP key levels

    The European cross is now losing 0.05% at 0.7605 and a break below 0.7530 (20-day sma) would aim for 0.7517 (2-month uptrend) and finally 0.7310 (low Jan.5). ON the flip side, the initial hurdle lines up at 0.7756 (high Jan.20) followed by 0.8007 (high Dec.16 2014) and then 0.8041 (high Nov.27 2014).
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