15 Mar 2016
EUR/GBP clinches highs above 0.7800
The increasing selling mood around the sterling is now lifting EUR/GBP back above the 0.7800 handle, or daily highs.
EUR/GBP now targets 0.7850
The European cross continues to edge higher today, prolonging the weekly upside for the second consecutive session and now targeting the area of recent peaks in the 0.7850 region.
In the meantime, ‘Brexit’ jitters seem to have returned to the fore and keeps weighing on GBP sentiment for the time being. Ahead in the week, the British pound will take centre stage in light of the UK’s labour market figures (Wednesday) and the BoE MPC meeting on Thursday.
EUR/GBP key levels
The European cross is now up 0.72% at 0.7819 and a breakout of 0.7852 (post-ECB high Mar.10) would expose 0.7901 (high Feb.11) and then 0.7931 (2016 high Feb.25). On the flip side, the immediate support aligns at 0.7693 (38.2% Fibo of 0.7310-0.7931) followed by 0.7664 (55-day sma) and finally 0.7650 (post-ECB low Mar.10).
EUR/GBP now targets 0.7850
The European cross continues to edge higher today, prolonging the weekly upside for the second consecutive session and now targeting the area of recent peaks in the 0.7850 region.
In the meantime, ‘Brexit’ jitters seem to have returned to the fore and keeps weighing on GBP sentiment for the time being. Ahead in the week, the British pound will take centre stage in light of the UK’s labour market figures (Wednesday) and the BoE MPC meeting on Thursday.
EUR/GBP key levels
The European cross is now up 0.72% at 0.7819 and a breakout of 0.7852 (post-ECB high Mar.10) would expose 0.7901 (high Feb.11) and then 0.7931 (2016 high Feb.25). On the flip side, the immediate support aligns at 0.7693 (38.2% Fibo of 0.7310-0.7931) followed by 0.7664 (55-day sma) and finally 0.7650 (post-ECB low Mar.10).