EUR/GBP drops below hourly 200-MA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 28, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The GBP continued to gain ground on upbeat GDP and services activity figure, pushing the EUR/GBP cross below its hourly 200-MA at 0.7630.

    Weaker Eurozone sentiment indices hurt EUR

    The common currency also felt the heat of the weaker-than-expected Eurozone sentiment indices – services sentiment, business climate, economic sentiment and industrial confidence. However, the major part of the drop in the EUR/GBP to 0.7608 was due to rise in demand for the GBP on the back of a positive domestic data.

    The focus now is on the preliminary German CPI figure. The Harmonized CPI is expected to show the drop in the oil prices pushed the German economy into deflation.

    EUR/GBP Technical Levels

    The immediate support is seen at 0.7596 (hourly 100-MA), under which the cross would expose 0.7573 (23.6% of 0.6981-0.7755). On the other hand, a break above 0.7630 (hourly 200-MA) could see the pair test 0.7666 (previous day’s high).
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