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EUR/GBP in the red, above hourly 100-SMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 31, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The European currency came under renewed selling pressure versus its British rival in early Europe, keeping EUR/GBP within striking distance of the daily lows.

    EUR/GBP hovers within Wednesday’s trading range

    Currently, the EUR/GBP pair trades -0.09% lower at 0.7371, hovering close to session lows struck at 0.7366 levels, where the hourly 100-SMA coincides. The cross ran through fresh offers near 0.7380 region and reverted towards lows as the demand for the pound was on the rise across the board ahead of the European open.

    The weakness in the cross can be also attributed to the lacklustre performance of the EUR/USD pair on the back of low volumes amid NYE holiday in major European markets. With nothing on the economic calendar for the EUR and GBP traders, attention remains on the US economic data and oil price movement in the day ahead.

    EUR/GBP Technical Levels

    To the upside, the next resistance is located at 0.7389 (Dec 30 High), above which it could extend gains to 0.7411/16 (daily R2/Dec 22 High). To the downside immediate support might be located at 0.7365/60 (1h 100-SMA/10--DMA) below that at 0.7309 (20-DMA).
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