EUR/GBP testing 20 DMA on downside

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 8, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Guatemala) - EUR/GBP is currently trading at 0.7340 with a high of 0.7378 and a low of 0.7333.

    EUR/GBP has recovered for the daily lows where the cross has been pressured from the 0.74 handle down to test the mid range of the 0.73 handle. The cross has been otherwise bid and rallied through the 200 DMA in the closing business of September. The cross is now trading within the vicinity of the 20 DMA on sterling strength with cable scoring new highs.

    EUR/GBP levels

    Karen Jones, chief analyst at Commerzbank explained minor support comes in around the 200 day moving average at 0.7290, but ideally she would like to see a close below the 55 day ma at 0.7238 and the September low at 0.7198 to negate upside pressure and refocus attention on the downside to the .6937 July low.

    Pertaining to the US economy, we had the FOMC minutes today of which details that can be read here.
    For more information, read our latest forex news.

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