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EUR/GBP ignores UK data, stays around daily lows

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 3, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The bearish pressure on EUR/GBP cross remained intact after the UK construction PMI for October matched estimate of 58.8.

    Rejected at hourly 50-MA

    The pair was rejected at hourly 50-MA earlier today as the risk-friendly environment in the markets weighed over the shared currency. Consequently, the pair dipped to a low of 0.7124 and now trades around the same as investors ignored UK construction PMI figure, which showed the fastest rise in New Work for 12 months.

    EUR/GBP Technical Levels

    At 0.7130, the immediate resistance is located at 0.7144 (hourly 50-MA), above which the pair could rise to 0.7161 (hourly 100-MA). On the other side, support is seen at 0.7124 (daily low) and 0.7107 (Monday’s low).
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