8 May 2015
EUR/GBP trades at 0.7250
FXStreet (Mumbai) - A brief recovery above 0.7250 could not last long enough as the contraction in the German industrial production in March pushed the EUR/GBP pair back to the said level.
Trades below 50-DMA
The pair has seen one of the biggest two day decline in the recent history to trade below its 50-DMA located at 0.7254. The favorable election results in the UK helped the British Pound surge across the board. The EUR/GBP fell to a low of 0.7224, before attempting a brief recovery, which stalled around 0.7250 on the back of a 0.5% contraction in the German industrial production in March.
EUR/GBP Technical Levels
The immediate resistance is located at 0.7280, above which the gains could be extended to 0.7337 (100-DMA). On the other hand, support is seen at 0.7224 and 0.7150.
Trades below 50-DMA
The pair has seen one of the biggest two day decline in the recent history to trade below its 50-DMA located at 0.7254. The favorable election results in the UK helped the British Pound surge across the board. The EUR/GBP fell to a low of 0.7224, before attempting a brief recovery, which stalled around 0.7250 on the back of a 0.5% contraction in the German industrial production in March.
EUR/GBP Technical Levels
The immediate resistance is located at 0.7280, above which the gains could be extended to 0.7337 (100-DMA). On the other hand, support is seen at 0.7224 and 0.7150.