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EUR/GBP consolidates around 0.72 handle

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 4, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The EUR/GBP pair is trading in the sideways manner around 0.72 handle ahead of the US non-farm payrolls figure.

    EUR has an upper hand over GBP

    The EUR could turn out to be a major performer in case the NP prints horribly weak and triggers a major shift/drop in the December rate hike bets. After the ECB’s disappointment, the EUR bears are demoralized and thus doors are open for further unwinding of EUR shorts/fresh EUR longs.

    Meanwhile, the GBP is heading on a relatively weak note; courtesy of dismal PMI numbers released earlier this week. At the moment, the EUR/GBP is trading around 0.7205 levels.

    EUR/GBP Technical Levels

    The pair faces a strong support around 0.7199-0.7155 (confluence of 50-DMA, 100-DMA and 200-DMA), under which the pair could target 0.7145 (61.8% of 0.6930-0.7493). On the other side, resistance is seen at 0.7251 (previous day’s high), above which the pair could target 0.7200.
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