EUR/GBP re-tests hourly 50-MA

FXStreet (Mumbai) - The bid tone on the GBP exhausted in the Asian session today, helping the EUR/GBP pair recover to its hourly 50-MA currently located at 0.7181.

Focus on UK retail sales

The buying interest in the GBP could spike once again in case the UK retail sales manage to beat market expectations following a bigger than expected jump in the average hourly earnings. On the other hand, analysts believe, a weaker data could trigger a much needed correction in the GBP longs, thereby pushing the EUR/GBP pair over and above the hourly 50-MA.

EUR/GBP Technical Levels

A break above the immediate resistance at 0.7181 could see the pair re-test 0.7211. On the flip side, a break below 0.7174 could see the pair target 0.7144 levels.

Jun 18, 2015

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