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EUR/GBP attempting a break above hourly 50-MA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 26, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The EUR/GBP pair picked up pace in the European session and is now attempting to take out the hourly 50-MA located at 0.7042.

    Strong resistance at 0.7042

    The cross faces strong resistance at 0.7042 (confluence of the hourly 50-MA and Nov 5 low). Sterling came under pressure across the board mainly due to the sell-off in the GBP/JPY cross. Meanwhile, the common currency remained resilient to the uptick in the European stocks.

    With no major data due today and a trading holiday in the US, the cross could see lackluster action later today.

    EUR/GBP Technical Levels

    At 0.7038, the immediate resistance is seen at 0.7042 (hourly 50-MA+Nov 5 low), above which the gains could be extended to 0.7080 (previous day’s high). On the other side, support is seen at 0.7015 (daily low) and 0.6981 (Nov 18 low).
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