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EUR/GBP wobbles around 0.7900

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 23, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/GBP is trading almost unchanged on Wednesday, keeping the trade in the upper bound of the in the boundaries of 0.7900 the figure.

    EUR/GBP focus on risk, ‘Brexit’

    The sterling keeps suffering the resurgence of ‘Brexit’ fears amongst investors, as yesterday’s attacks in Brussels could have fuelled the campaign for the ‘leave’ vote. GBP has been also under pressure following the poor UK’s CPI results during February, where consumer prices extended its lack of reaction.

    On this side of the Channel, yesterday’s tragic events have also undermined the single currency, hurt at the same time by mixed results from advanced PMIs and the German IFO.

    EUR/GBP key levels

    The European cross is now up 0.04% at 0.7899 facing the next resistance at 0.7913 (high Mar.17) ahead of 0.7931 (2016 high Feb.25) and finally 0.8000 (psychological handle). On the other hand, a breakdown of 0.7802 (20-day sma) would expose 0.7717 (55-day sma) and then 0.7620 (50% Fibo of 0.7310-0.7931).
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