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EUR/GBP unable to hold above 0.7000

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 18, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - EUR/GBP moved with a bullish bias during most of the day and peaked at 0.7020. Afterwards pulled back and during the American session dropped below the hourly 20-SMA, erased gains and bottomed at 0.6987, hitting a fresh daily low.

    It was trading at 0.6994/98, marginally below the level it ended yesterday, when it posted the lowest close in three months.

    EUR/GBP still under pressure

    The pair broke below 0.7000 yesterday, but the decline below was limited. The area around 0.6980 capped the downside so far. On the upside the recovery of the euro is having difficulties holding on top of 0.7000.

    EUR/GBP technical levels

    To the upside, immediate resistance might be seen at 0.7020 (daily high), 0.7040 (Nov 4 & 11 low) and 0.7105. On the opposite direction, support could be located at 0.6980 (Nov 17 low) and 0.6960 (July 16 low).

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