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EUR/GBP trims gains despite signs of risk aversion

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 15, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The EUR/GBP cross trimmed gains to trade around 0.7550 despite weakness in the European index futures.

    Rejected at 0.7575

    The pair turned lower from the high of 0.7575 as the bid tone around the EUR failed to strengthen amid signs of risk aversion in the markets. The Chinese equities slipped 3.5% and dragged the major European index futures lower by more than 1%.

    Still, the cross has managed to stay in the positive territory due to a drop in the GBP/USD pair to a session low of 1.4382.

    EUR/GBP Technical Levels

    The immediate resistance is seen at 0.7575 (daily high), above which the pair could test 0.76-7607 (previous day’s high). On the other hand, a break below 0.75 would open doors for a drop to 0.7465 (10-DMA).
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