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EUR/GBP off-highs, slips below 100-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 4, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The cross in the EUR/GBP caught a fresh bid tone heading into early Europe, mainly driven fresh selling seen in the cable.

    EUR/GBP supported at hourly 20-SMA

    Currently, the EUR/GBP pair trades flat at 0.7222, retreating slightly from fresh session highs reached at 0.7237 in last hours. The EUR/GBP cross jumped back on the bids this session, having found good support at the hourly 20-SMA located at 0.7208 in early Asia.

    The cross remains supported largely on the back of renewed weakness in the GBP/USD pair as markets continue to digest the recent streak of disappoint UK fundamentals while broad based US dollar rebound continue to weigh on the common currency, keeping upside in the cross limited.

    Looking ahead, markets will track the sentiment on the European stocks as dust settles over the ECB aftermath. While the crucial US NFP figures due later in the NY session will set the tone for further direction on the USD.

    EUR/GBP Technical Levels

    To the upside, the next resistance is located at 0.7251 (Dec 3 High), above which it could extend gains to 0.7292 (daily R1). To the downside immediate support might be located at 0.7208 (1h 20-SMA) below that at 0.7193 (200-DMA).
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