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EUR/GBP firmer above 0.7200, eyes 100-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 8, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The cross in the EUR/GBP extends its overnight recovery beyond 0.72 handle into Europe, having found good support at 200-DMA located at 0.7192.

    EUR/GBP gains on EUR strength

    Currently, the EUR/GBP pair trades 0.24% higher at 0.7216, hovering around fresh session highs reached at 0.7219 last minutes. The weak Chinese trade data and lower oil prices triggered sell-off in global equities, which lifted the demand for safe-haven assets such as the euro, and pushed EUR/GBP higher towards 100-DMA at 0.7230.

    On the other hand, the pound remains undermined versus the greenback amid reduced risk-appetite in markets while expectations of slightly weak UK industrial figures to be released in the session ahead also weighs on sterling, keeping a lid on gains in EUR/GBP.

    EUR/GBP Technical Levels

    To the upside, the next resistance is located at 0.7230 (100-DMA), above which it could extend gains to 0.7251 (Dec 3 High). To the downside immediate support might be located at 0.7192 (200--DMA) below that at 0.7154 (50-DMA).
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