EUR/GBP Pushes Higher Near 0.7980

EUR/GBP Pushes Higher Near 0.7980

1 April 2016, 12:32
Roberto Jacobs
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EUR/GBP Pushes Higher Near 0.7980

The march north in EUR/GBP continues unabated today, currently testing fresh more than 1-year highs around 0.7980.

EUR/GBP boosted by GBP-selling

The European cross is trading in levels last seen in late December 2014 near 0.7980, closer to the psychological handle at 0.8000 backed by a persistent weakness hurting the British pound, while the shared currency extends the rally vs. its main rivals.

Poor manufacturing PMI in the UK economy has contrasted with better-than-expected readings in Germany and the euro zone, adding extra legs to the upside. Ahead in the day, US Non-farm Payrolls will rule the sentiment later in the NA session.

EUR/GBP key levels

The European cross is now gaining 0.58% at 0.7971 facing the next resistance at 0.8007 (monthly high Dec.16 2014) ahead of 0.8041 (monthly high Nov.19 2014) and finally 0.8100 (psychological level). On the other hand, a breakdown of 0.7839 (20-day sma) would expose 0.7764 (55-day sma) and then 0.7650 (post-ECB low Mar.10).

(Market News Provided by FXstreet)

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