The bid tone around EUR gathered pace, pushing the EUR/GBP higher to 0.74742 levels as the European equities dropped and German Zew survey figure printed higher than estimates. Trades above 10-DMA The cross now trades above its 10-DMA located at 0.7733 levels. Oil surrendered major part of its gains and pushed the European equities lower. Consequently, the funding currency EUR received a boost. Furthermore, German Zew survey – Economic Sentiment index printed higher than estimate and added to the bid tone around EUR. Stocks are back in the red and that increases the odds of a risk-off in the US. This would bring carry unwind back in play; which means the pair is at the mercy of the equity market sentiment. EUR/GBP Technical levels The immediate resistance is seen at 0.7772 (5-DMA), above which the cross could target 0.78 handle. On the other hand, a break below 0.7681 (23.6% of 0.6981-0.7897) could see the pair drop to 0.76 levels. For more information, read our latest forex news.