EUR/GBP breaks below 0.79 ahead of US data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 25, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The USD selling in US helped the oversold cable jump more than EUR/USD pair, thus resulting in the EUR/GBP cross falling below 0.79 handle.

    Nears hourly 50-MA

    The cross breached the day long range of 0.7690-0.7925 and is now trading few pip short of the hourly 50-MA at 0.7883. The oversold British Pound is witnessing a revival, helped in part by the USD selling in the early American session.

    The immediate focus now is on the US durable goods orders data. Apart from that, oil price moves and the resulting effect on risk sentiment could affect demand for the common currency.

    EUR/GBP Technical Levels

    The immediate resistance is seen at 0.79, above which the cross could re-test the daily high of 0.7928. On the other hand, a break below 0.7883 (hourly 50-MA) could see the cross extend losses to 0.7839 (hourly 100-MA).
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