EUR/GBP Surrenders Gains, Back to 0.8030
After hitting fresh cycle highs around 0.8050 on Tuesday, EUR/GBP has retraced part of the up move and is now hovering over the 0.8030 area.
EUR/GBP focus on risk trends
The
European cross has managed to clinch highs in the mid-0.8000s on
Tuesday, levels last traded in October 2014, following a wave of selling
pressure in the British pound along with a resilient tone in the single
currency, all amidst a context of risk-off sentiment.
Data wise,
the only release today will be German Industrial Production figures for
the month of February. Nothing is expected across the Channel.
EUR/GBP key levels
The
European cross is now losing 0.11% at 0.8030 facing the next support at
0.7883 (20-day sma) ahead of 0.7835 (low Mar.29) and then 0.7783
(55-day sma). On the flip side, a breakout of 0.8054 (2016 high Apr.5)
would expose 0.8067 (monthly high Sep.10 2014) and finally 0.8100
(psychological level).
(Market News Provided by FXstreet)
