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EUR/GBP: Offered below hourly 200-MA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 7, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The EUR/GBP was offered heavily after it fell below its hourly 200-MA then located at 0.7386. The pair fell to a one-week low of 0.7347 levels.

    Eyes UK data

    The immediate focus is on the UK data, which is expected to show the industrial activity rebounded in August. The sell-off in the EUR/GBP could be attributed to rise in the EU stocks, weak German data and M&A demand for Sterling.

    Moreover, the EUR/GBP cross has been battling with the bears in the last five sessions to rise above 0.74 levels. An attempt was made earlier today to take out 0.74, but offers ensured the spot fell back below its hourly 200-MA.

    EUR/GBP Technical Levels

    At 0.7355, the immediate support is seen at 0.7335 (Sep 28 low), under which the pair could drop to 0.73 (psychological support) followed by a major support at 0.7278 (200-DMA). On the other side, resistance is seen at 0.7386 (hourly 200-MA)-0.7400 followed by a major hurdle at 0.7434 (inverted head and shoulder neckline on the daily chart).
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