EUR/GBP heavy, flirts with 0.7200

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 4, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The cross in the EUR/GBP failed once again at higher levels and dropped below 0.72 handle, before trimming losses to now trade just ahead of the last.

    EUR/GBP keeps losses amid broad EUR sell-off

    Currently, the EUR/GBP pair trades -0.29% at 0.7203, recovering from session lows struck at 0.7196. The EUR/GBP cross gave away gains and now trades deep in the red on the back of heavy selling interest seen around common currency against the US dollar, as markets lock-in gains ahead of the crucial US payrolls data.

    On the GBP-side of the story, the cable keeps losses on diminishing bids for risk currencies amid negative European equities. Meanwhile, all eyes remain on the crucial US NFP data from the US which expected to create huge volatility in the day ahead.

    EUR/GBP Technical Levels

    To the upside, the next resistance is located at 0.7251 (Dec 3 High), above which it could extend gains to 0.7292 (daily R1). To the downside immediate support might be located at 0.7192 (200-DMA) below that at 0.7165 (50-DMA).
    For more information, read our latest forex news.

Share This Page

free forex signals