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EUR/GBP trims gains after ECB minutes

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The EUR/GBP pair trimmed gains to trade near 0.7007 levels after the ECB minutes expressed concerns regarding the inflation in the Eurozone.

    Offered at 0.7019

    The pair was offered at a high of 0.7019 after the minutes showed the policymakers are worried the rebound in inflation is stalling. The pair has managed to restrict the drop around 0.7007 levels.

    The cross had spiked to 0.7016 after the UK data showed the retail sales fell faster than estimates in October. However, the spike was quickly reversed as the pair fell back to 0.70, before rising again to 0.7019 levels ahead of the ECB minutes.

    EUR/GBP Technical Levels

    The immediate resistance is located at 0.7024 (hourly 100-MA), above which the pair could target 0.7058 (hourly 200-MA). On the other side, a failure to sustain above 0.7002 (hourly 50-MA) could open doors for a sell-off to 0.6951 (Aug 5 low).
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