EUR/GBP at fresh session highs in US session

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 1, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The offered tone on the GBP remained intact in the early US session, pushing the EUR/GBP to a session high of 0.7036 levels.

    Trades above key intraday MAs

    The cross currently trades above key hourly MAs – 50-MA, 100-MA and 200-MA seen at 0.7031, 0.7029, 0.7027 levels. The GBP/USD pair fell on account of a weaker-than-expected UK PMI report. Meanwhile the EUR/USD pair cheered an upward revision of the German PMI and a drop in the German jobless rate.

    The focus is now on the US ISM and Markit manufacturing PMI. A stronger data may help the EUR/GBP advance as the cable is relatively weak on account of a dismal domestic data.

    EUR/GBP Technical Levels

    The immediate resistance is seen at 0.7063 (76.4% of 0.6931-0.7493), above which gains could be extended to 0.7102 (23.6% of 0.7493-0.6981). On the other side, a break below hourly 200-MA at 0.7027 would expose 0.70 handle.
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