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EUR/GBP finds bids at 0.77

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 20, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The EUR/GBP pair trimmed gains following a slightly upbeat UK labor data but found bids at 0.77 and now trades around 0.7715 levels.

    Weak stocks support EUR

    The common currency is being supported by the weakness in the European equities. Hence, post-UK data losses in the EUR/GBP are being capped around 0.77 handle.

    However, the cross remains at the mercy of the action in the GBP/USD pair. The pair could drop below 0.77 handle of the oversold Cable continued to take back losses on account of the drop in the unemployment rate.

    EUR/GBP Technical Levels

    The immediate resistance is seen at 0.7330 (5-MA and 10-MA on the hourly chart), above which the pair could revisit the daily high of 0.7755. On the other hand, a break below 0.7665 (hourly 50-MA) would open doors for a drop to 0.7568 (hourly 200-MA).
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