EUR/GBP Slightly Up, Clings to 0.7900

EUR/GBP Slightly Up, Clings to 0.7900

25 March 2016, 08:25
Roberto Jacobs
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EUR/GBP Slightly Up, Clings to 0.7900

EUR/GBP is extending its consolidative theme in the upper end of the recent range around 0.7900, coming down from YTD peaks near 0.7950.

EUR/GBP gains capped around 0.7950

The recent upside in the European cross seems to have found strong resistance in the vicinity of 0.7950, where sellers seem to be clustered and the sterling seems to find fresh bids.

Nothing expected on the data/events front today in Euroland or the UK, with Good Friday holiday expected to drain the volatility to marginal levels.

EUR/GBP key levels

The European cross is now up 0.04% at 0.7903 facing the next resistance at 0.7947 (2016 high Mar.24) ahead of 0.8007 (monthly high Dec.16 2014) and then 0.8041 (monthly high Nov.19 2014). On the other hand, a breakdown of 0.7805 (20-day sma) would expose 0.7732 (55-day sma) and then 0.7650 (post-ECB low Mar.10).

(Market News Provided by FXstreet)

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