27 Apr 2015
EUR/GBP going nowhere
FXStreet (Mumbai) - The EUR/GBP pair is stuck in the 20-pip range of 0.7150-0.7170 on the first day of the week amid the absence of a major market moving data out of the Eurozone or the UK.
EUR/GBP: UK election uncertainty supports
The losses have been capped around 0.7150 as the Pound is under the pressure due to a rising possibility if a hung parliament. The BBC "poll of polls" has the race neck and neck with both the Conservatives and Labour at 33%. In the meantime, the gains have been capped at 0.7170 as the Greece tale continues.
A weaker UK CBI total trends orders data for April also weighed over the British Pound. The selling price indicator and business optimism index also weakened.
EUR/GBP Technical Levels
At the moment, the pair is trading at 0.7168. The immediate resistance is seen at 0.7170, above which the gains could be extended to 0.72. On the flip side, a break below 0.7150 could drive the pair lower to 0.7115.
EUR/GBP: UK election uncertainty supports
The losses have been capped around 0.7150 as the Pound is under the pressure due to a rising possibility if a hung parliament. The BBC "poll of polls" has the race neck and neck with both the Conservatives and Labour at 33%. In the meantime, the gains have been capped at 0.7170 as the Greece tale continues.
A weaker UK CBI total trends orders data for April also weighed over the British Pound. The selling price indicator and business optimism index also weakened.
EUR/GBP Technical Levels
At the moment, the pair is trading at 0.7168. The immediate resistance is seen at 0.7170, above which the gains could be extended to 0.72. On the flip side, a break below 0.7150 could drive the pair lower to 0.7115.