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EUR/GBP sell-off intensifies, eyes 50-DMA

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 19, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The EUR/GBP pair was offered heavily below 0.7360 (23.6% of 0.6930-0.7492) and dropped to near 50-DMA levels located at 0.7301 levels.

    Fourth consecutive day of loss

    The pair is down for the fourth consecutive session as the speculation that the ECB would announce more easing on Thursday weighed over the common currency. Moreover, the sell-off in the cross has pushed the GBP/USD pair higher near its 100-DMA.

    The cross now trades around 0.7310 levels. The sell-off in the last four days also marked a failure to sustain above its 200-MA on the monthly chart at 0.7382 levels.

    EUR/GBP Technical Levels

    The immediate support is seen at 0.7301 (50-DMA), under which the pair could test 0.7278 (38.2% of 0.6930-0.7492). On the other side, resistance is seen at 0.7333 (Oct 7 low) and 0.7360 (23.6% of 0.6930-0.7492).
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