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EUR/GBP: losses capped by slide in GBP/USD

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 27, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The EUR/GBP pair fell to the hourly 100-MA at 0.7034 after the Eurozone sentiment indices printed mixed, but losses are being capped by a sell-off in the GBP/USD pair.

    Cable sell-off picks up pace, offers support to EUR/GBP

    The cable broke below a week long support seen around 1.5050-1.5060 and fell to an intraday low of 1.5035 levels and offered support to the EUR/GBP pair. The Eurozone consumer confidence, services sentiment, and economic sentiment indicator beat the estimates, but industrial confidence and business climate were weak.

    Meanwhile, the European stock markets recovered losses to trade higher, which added to the bearish pressure on the EUR.

    EUR/GBP Technical Levels

    A failure to sustain above 0.7034 (hourly 100-MA) could push the pair lower to 0.7019 (hourly 100-MA) and 0.70 handle. On the other hand, the cross could rise to 0.7063 (76.4% of July low-Oct high) if it manages to sustain above 0.7034.
    For more information, read our latest forex news.
     

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