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EUR/GBP struggles despite losses in equities

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 9, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The EUR/GBP pair is working hard to avoid losses even though the stock markets have extended the risk-off seen in the previous session.

    Cable outpaced EUR/USD pair

    The Cable surprisingly outpaced the EUR/USD pair despite the losses in the European equities, which had opened on a firmer note. The pan-European Euro Stoxx 50 now trades 0.60% lower.

    The risk-off in the equities on Tuesday saw the funding currency EUR rise, while the GBP was offered across the board. However, the EUR is underperforming today, due to which the EUR/GBP cross erased gains to trade unchanged on the day around 0.7260.

    EUR/GBP Technical Levels

    The immediate resistance is located at to 0.7278 (38.2% of 0.6931-0.7493), above which the cross could target 0.73 handle. ). On the other hand, a break below 0.7237 (50% of 0.7493-0.6981) would expose 0.7212 (50% of 0.6931-0.7493).
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