EUR/GBP hit fresh session low, nears 5-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 17, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The EUR/GBP cross hit a fresh session low of 0.7813 in the US session as Cable extended gains to 1.45 in an impulsive move, while the EUR/USD pair lagged.

    Offered above 0.79

    The cross turned lower from the high of 0.7911 and extended losses after Bank of England and policy statement was somewhat less dovish than expected. This coupled with broad based USD selling led to a sharp rally in GBP/USD pair, which now trades 1.5% higher on the day.

    Meanwhile, EUR/USD rallied above 1.13, but the momentum stalled around 1.1342. The pair now trades 0.80% higher on the day. Consequently, EUR/GBP cross is trading around 0.7820 levels; down 0.64% on the day.

    EUR/GBP Technical Levels

    The immediate support is seen at 0.7810 (5-DMA), under which losses could be extended to 0.7780 (10-DMA). On the higher side, the cross could revisit 0.79 handle if the immediate hurdle at 0.7861 (Mar 15 high) is breached.
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