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EUR/GBP nears 0.72 handle on Sterling sell-off

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 6, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The relentless sell-off in the Sterling pushed the EUR/GBP pair to a high of 0.7194 levels ahead of the US non-farm payrolls report.

    Eyes 100-DMA

    The cross appears on track to test the 100-DMA at 0.7202 levels. Sterling Sell-off triggered by the dovish BOE on Thursday continued today in early Europe and gathered pace after the data in the UK showed a weaker than previously expected Q3 economic growth.

    The immediate focus is now on the US non-farm payrolls report, which could alter the US rate hike bets and affect the overall demand for the US dollars.

    EUR/GBP Technical Levels

    The immediate resistance is located at 0.7202 (100-DMA), above which the pair could test offers at 0.7233 (200-DMA). If taken out on a closing basis, the pair could eye 50-DMA currently at 0.7301. On the lower side, a failure to sustain above hourly 200-MA currently at 0.7147 would open doors for a re-test of 0.71 handle.
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