EUR/GBP Edging Higher, 0.7950 Next Target?

EUR/GBP Edging Higher, 0.7950 Next Target?

1 April 2016, 08:03
Roberto Jacobs

EUR/GBP Edging Higher, 0.7950 Next Target?

EUR/GBP keeps its upside intact during the second half of the week, trading at shouting distance from the 0.7950 area, or earlier 1-year peaks.

EUR/GBP focus on PMIs, Payrolls

The European cross is advancing for the third consecutive session so far and extending the bounce off earlier lows in the 0.7830 area (Tuesday), all backed by a solid buying interest around the single currency.

The current upside will be put to the test later, in light of final manufacturing PMIs in Euroland and UK, while US Non-farm Payrolls will set the tone in the global markets later in the session.

EUR/GBP key levels

The European cross is now gaining 0.09% at 0.7932 facing the next resistance at 0.7947 (2016 high Mar.24) ahead of 0.8007 (monthly high Dec.16 2014) and finally 0.8041 (monthly high Nov.19 2014). On the other hand, a breakdown of 0.7837 (20-day sma) would expose 0.7763 (55-day sma) and then 0.7650 (post-ECB low Mar.10).

(Market News Provided by FXstreet)

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