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EUR/GBP at fresh highs above hourly 200-MA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 6, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The EUR/GBP now trades around 0.7180 as the relentless selling in sterling continued after a weak UK data.

    Fresh bids above hourly 200-MA

    The cross ran into fresh bids after having managed to hold above hourly 200-MA since the early Asian session. The latest uptick seems was the result of the UK trade deficit and the industrial production which showed the Q3 was much weaker than previously anticipated.

    The next thing to watch out is the monthly non-farm payrolls report in the US, which could show the economy added around 180K jobs in October, resulting a steady unemployment rate of 5.1%.

    EUR/GBP Technical Levels

    The immediate resistance is located at 0.7202 (50-DMA), above which the pair could test offers at 0.7233 (200-DMA). If taken out on a closing basis, the pair could eye 50-DMA currently at 0.7301. On the lower side, a failure to sustain above hourly 200-MA currently at 0.7147 would open doors for a re-test of 0.71 handle.
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