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EUR/GBP: until June 23 - on the upward momentum _07/04/2016

Technical analysis and trading recommendations -https://fxpcm.com/fx/eurgbp-until-june-23-upward-momentum-07042016

A series of terrorist attacks in Belgium and emerging developments in the euro area in connection with the migration situation, as well as in the Netherlands passed yesterday a referendum in which the inhabitants of the country voted against Ukraine's association with the EU, enhance the position of the centrifugal forces on the eve of the referendum, scheduled for June 23.

If the British citizens to vote for the country's exit from the European Union ended, the stock market and the UK pound could collapse.

After the US Department of Energy (EIA) at 14:30 (GMT) presented a report that the US crude inventories unexpectedly fell last week to 4.937 million barrels, compared to growth of 2.299 million in the previous period, the price of oil rose sharply. Brent crude, for instance, added almost 1.3 dollars per barrel, having risen to the level of 39.80 for two hours. The pair EUR / USD, which has a correlation with oil prices almost 96% also responded to growth. Further decline in the dollar accelerated after the publication at 18:00 minutes of the March meeting of the Committee on operations in the open market, which indicated that the majority of FOMC members were against an increase in short-term interest rates in April.

The only "a positive" dollar currency pair, which closed yesterday in negative territory, had a pair GBP / USD.

The pound since the beginning of the month and the year is under pressure and one of the main negative factors for the pound is coming in the June referendum. In the referendum, UK citizens will vote against the further stay of their country in the European Union.

Pair EUR / GBP rose above $ 0.8110 (the highest level since June 2014). Negative expectations regarding the upcoming referendum continue to stimulate growth of the pair EUR / GBP, despite its overbought. The pair will be redeemed at any downward correction. Therefore, prior to June 23 will be appropriate to adhere to the same strategy in anticipation of further growth of the pair EUR / GBP on a strong upward momentum.

However, today it is necessary to be careful when buying a pair, because in the period from 13:00 (GMT) serves ECB President Mario Draghi, who is probably in his speech will try to bring down the strength of the euro. It can also affect the pair EUR / GBP.

Thursday, 07 Apr, 2016 / 12:11

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Source : http://fxpcm.com/fx/eurgbp-until-june-23-upward-momentum-07042016

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