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EUR/GBP unable to hold above 0.7400 (again)

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 29, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - EUR/GBP rallied during the European session amid a stronger euro in the market and a decline of the pound across the board. The pair hit 0.7408 but it failed to hold above 0.7400 and pulled back, erasing gains.

    The pair approached December highs that lie at 0.7416 but like it happed last week it was rejected from above 0.7400 and retreated. Recently fell to 0.7370 and it was trading at 0.7375/80, marginally higher for the day.

    During the American session, the pair lost momentum when EUR/USD plummeted, falling more than 50 pips in a few minutes toward 1.0900, while GBP/USD remained weak.

    EUR/GBP: technical levels

    Price needs to stabilized above 0.7400 in order to gain momentum and confirm a break; next resistance level might be seen at 0.7440 (Oct 2 high) and 0.7490 (Oct high). On the opposite direction, key support levels might lie at 0.7320/30 (short-term uptrend line) and 0.7260 (20-DMA).
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