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EUR/GBP falls to fresh 2-month lows as GBP rises across the board

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 30, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - EUR/GBP was moving with a bullish bias but turned to the downside and accelerated below 0.7165. It broke under 0.7140 hitting a fresh 2-month low. It bottomed at 0.7131 and it was trading at 0.7138/40, down 0.40% for the day.

    The pound rose sharply across the board during the American session with GBP/USD rallying above 1.5400 and GBP/JPY breaking on top 186.00. Probable month-end flows boosted the currency in the market.

    EUR/GBP technical levels

    While remaining below Thursday’s low the pair opened the doors for a continuation of the decline; from October highs it has fallen more than 350 pips. To the downside support levels might lie at 0.7115/20 (Apr 23 low; Sep 17, 18 high), 0.7100 and 0.7050 (2Q low).

    On the opposite direction, any recovery below 0.7230/40 (previous key support), where the 200-day MA is located could be considered a correction. Immediate resistance might be located at 0.7155 (Asian and European session lows), 0.7200 (daily high) and 0.7205 (100-day MA).
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