EUR/GBP advances to 100-DMA in early trades

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 11, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The cross in the EUR/GBP found good support at 0.72 handle and takes on the recovery further into Europe, testing fresh session highs near 0.7230 region.

    EUR/GBP rises on weaker GBP

    Currently, the EUR/GBP pair trades 0.18% higher at 0.7229, trying hard to surpass key resistance zone place around 0.7230-35 band, where the hourly 100-SMA and 100-DMA intersect. The pound continues to remain undermined versus its European partner as markets continue to weigh BOE’s dovish minutes, which raised concerns over wage growth and the inflation outlook.

    While the EUR/USD pair witnessed bounced-off the key support near 1.0925 region and reverted to the opening prices, aiding the recovery in the EUR/GBP cross.

    Looking ahead, a set of German macro data – final CPI and WPI, and construction output data from the UK will keep the EUR, GBP traders busy in an otherwise data-thin European session.

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    EUR/GBP Technical Levels

    To the upside, the next resistance is located at 0.7251 (Dec 3 High), above which it could extend gains to 0.7268 (Dec 10 High). To the downside immediate support might be located at 0.7193 (200--DMA) below that at 0.7144 (50-DMA).
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