12 Dec 2014
EUR/GBP makes lower highs on daily charts
FXStreet (Mumbai) - The EUR/GBP pair is trading in the sideways manner today after a sharp decline in the previous trading session confirmed continuation of the lower highs pattern on the daily charts.
The EUR/GBP pair traded largely unchanged at 0.7882 levels at the time of writing. Moreover, EUR bulls have failed to extend gains, with each bounce making lower highs - 0.8040, 0.7978, and 0.7920 - since November 19. The latest failure witnessed yesterday can be attributed to the fact that markets now expect the European Central Bank to come up with more aggressive stimulus measures after the disappointing results of the second round of TLTRO conducted yesterday.
Meanwhile, the pair will also take cues from the UK construction data and the Eurozone industrial production data due for release today.
EUR/GBP Technical Levels
The pair has an immediate support located at 0.7860, under which losses could be extended to 0.7830 levels. Meanwhile, resistance is seen at 0.7901 (50-DMA), and 0.7916 (100-DMA).
The EUR/GBP pair traded largely unchanged at 0.7882 levels at the time of writing. Moreover, EUR bulls have failed to extend gains, with each bounce making lower highs - 0.8040, 0.7978, and 0.7920 - since November 19. The latest failure witnessed yesterday can be attributed to the fact that markets now expect the European Central Bank to come up with more aggressive stimulus measures after the disappointing results of the second round of TLTRO conducted yesterday.
Meanwhile, the pair will also take cues from the UK construction data and the Eurozone industrial production data due for release today.
EUR/GBP Technical Levels
The pair has an immediate support located at 0.7860, under which losses could be extended to 0.7830 levels. Meanwhile, resistance is seen at 0.7901 (50-DMA), and 0.7916 (100-DMA).