GBP selling accelerates, EUR/GBP revists daily highs

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 29, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The EUR/GBP pair made an attempt to take out the daily high of 0.7645 as the offered tone around GBP gathered pace.

    Rejected at 0.7642

    The cross fell short few pips from the daily high and turned lower from 0.7642 to trade around 0.7635 levels. The British Pound suffered across the board despite absence of any fresh fundamental news out of the UK.

    Moreover, BOJ’s negative rates failed to result in GBP strength, considering the fact that the BOE is still expected to move rates to higher. Meanwhile, the uptick in the Eurozone inflation figure showed by the data released today also appears to have helped the EUR gain ground.

    EUR/GBP Technical levels

    The immediate resistance is seen at 0.7666 (Jan 27 high), which if taken out would open doors for a rally to 0.7755 (Jan 20 high). On the other hand, a break below 0.7603 (5-DMA) could send the prices lower to 0.7561 (daily low).
    For more information, read our latest forex news.

Share This Page

free forex signals