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EUR/GBP finds resistance at 0.7250 and retreats

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 28, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - EUR/GBP pulled back during the last hours, trimming daily gains. Currently it is trading at 0.7225/28, 10 pips above yesterday’s closing price. The pair is rising for the third day in a row as it continues to recover after falling last week to 2-month lows.

    Last Thursday after Mario Draghi press conference EUR/GBP plummeted and on Friday bottomed at 0.7167. From there is recovering. The bounce was capped today at 0.7250. Price failed to break higher and then pulled back modestly.

    Recently it fell to 0.7218, where the hourly 20-MA stands and now is attempting to resume the upside. EUR/USD and GBP/USD are extending gains as USD weakens ahead of the FOMC statement.

    EUR/GBP technical level

    To the upside, immediate resistance might be seen at 0.7250 (daily high), 0.7270 and 0.7300/05 (Oct 19 low). On the opposite direction support could be located at 0.7215/20 (Hourly 20-MA), 0.7200 (daily low) and 0.7275 (Oct 26 low).
    For more information, read our latest forex news.
     

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