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EUR/GBP falls into losses

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The EUR/GBP now trades moderately weak on the day as the cable hit a fresh session high, while the common currency struggled to extend gains despite losses in the stock markets.

    Uptick stalled near Fib resistance

    The bullish momentum ran out steam at 0.7278 (38.2% of 0.6931-0.7493) on Tuesday and another attempt at the same fell short by a couple of pips, following which the pair fell into losses to hit a session low of 0.7245.

    Later in the day, the cross may find support if the Us markets extend Tuesday’s risk-off rally. Otherwise, the traders would await the BOE rate decision and minutes due tomorrow.

    EUR/GBP Technical Levels

    AT 0.7255, the immediate resistance is located at to 0.7278 (38.2% of 0.6931-0.7493), above which the cross could target 0.73 handle. ). On the other hand, a break below 0.7237 (50% of 0.7493-0.6981) would expose 0.7212 (50% of 0.6931-0.7493).
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