EUR/GBP testing 0.7400 on weaker GBP

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 29, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The cross in the EUR/GBP found renewed bids near 10-DMA at 0.7346 and regained lost footing in the European session, now extending gains towards 0.74 barrier.

    EUR/GBP stages solid comeback

    Currently, the EUR/GBP pair trades 0.43% higher at fresh five-day highs of 0.7397, recovering from 0.7352 daily lows. The cross caught fresh bid wave and witnessed more than 40-pips rally from lows during the European session after the cable dived deeper into losses amid thin markets, with no major catalyst behind the move.

    While the EUR/USD pair fights to remain on the bids amid rally in the European stocks and higher oil prices. Looking ahead, nothing relevant for the cross in the day ahead expect for the US datasets while Euro zone money supply data and the nationwide HPI data due tomorrow will provide fresh impetus after a data-quiet start to the week.

    EUR/GBP Technical Levels

    To the upside, the next resistance is located at 0.7414/16 (daily R2/Dec 22 High), above which it could extend gains to 0.7450 (psychological levels). To the downside immediate support might be located at 0.7358/46 (1h 100-SMA/ 10--DMA) below that at 0.7295 (20-DMA).
    For more information, read our latest forex news.

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