18 Dec 2014
EUR/GBP trades below 0.79
FXStreet (Mumbai) - The EUR/GBP extended losses to trade below the 0.79 handle as the single currency shrugged-off an upbeat German IFO survey data.
The pair now trades 0.45% lower at 0.7887 levels; well below the 50-DMA located at 0.7906 levels. Moreover, the GBP/USD pair rose above 1.56 levels ahead of the UK retail sales. On the other hand, the EUR/USD pair trades weak around 1.2320 levels despite the IFO survey data showing an improvement in the German Business Climate Index and Expectations Index. Consequently, the EUR/GBP cross declined to trade near 4-day low.
EUR/GBP Technical Levels
The pair has an immediate support located at 0.7873, under which losses could be extended to 0.7862 levels. Meanwhile, resistance is seen at 0.7906 (50-DMA) and 0.7917 (100-DMA).
The pair now trades 0.45% lower at 0.7887 levels; well below the 50-DMA located at 0.7906 levels. Moreover, the GBP/USD pair rose above 1.56 levels ahead of the UK retail sales. On the other hand, the EUR/USD pair trades weak around 1.2320 levels despite the IFO survey data showing an improvement in the German Business Climate Index and Expectations Index. Consequently, the EUR/GBP cross declined to trade near 4-day low.
EUR/GBP Technical Levels
The pair has an immediate support located at 0.7873, under which losses could be extended to 0.7862 levels. Meanwhile, resistance is seen at 0.7906 (50-DMA) and 0.7917 (100-DMA).