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EUR/GBP back above 0.76 handle

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 27, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The EUR/GBP pair found bids around 0.7590 and is back above 0.76 and aiming at the daily high of 0.7614 levels.

    Bearish 5-DMA and 10-DMA crossover

    Despite the gains witnessed today, the daily chart shows a bearish cross over between the 5-MA and 10-MA. The cross ran into fresh bids at 0.7573 (23.6% of 0.6981-0.7755) and jumped to 0.7614 and remains around the same as the broad based USD selling in the US session seems to be favoring the EUR/USD pair more than the cable.

    The cross currently trades around 0.7605 levels. The investors now await the US FOMC rate decision due later today.

    EUR/GBP Technical Levels

    The immediate resistance is seen at 0.7613 (5-DMA), above which the pair could target 0.7664 (previous day’s high). On the other hand, a break below 0.7573 (23.6% of 0.6981-0.7755) would open doors for a drop to 0.7525 (Jan 22 low).

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