EUR/GBP Extends the Drop to 0.7860

EUR/GBP Extends the Drop to 0.7860

22 April 2016, 08:34
Roberto Jacobs

EUR/GBP Extends the Drop to 0.7860

EUR/GBP is accelerating the recent breakdown of the key support at 0.7900 the figure, now hovering over fresh lows near 0.7860.

EUR/GBP attention to PMIs

The European cross is extending its leg lower after the rejection from April’s fresh cycle highs near 0.8120 and a breach of a multi-month uptrend support, all backed by a renewed offered tone in the single currency and a firmer performance of sterling.

Nothing scheduled for today across the Channel, while advanced manufacturing and services PMIs will grab all the attention in Euroland against the backdrop of alternating risk trends.

EUR/GBP key levels

The cross is now losing 0.14% at 0.7870 facing the next support at 0.7825 (low Mar.29) followed by 0.7675 (100-day sma) and then 0.7650 (low Mar.7). On the flip side, a breakout of 0.8119 (2016 high Apr.7) would expose 0.8349 (monthly high Feb.6 2014) and finally 0.8401 (2014 high Mar.18).


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