26 Nov 2015
EUR/GBP attempting a break above hourly 50-MA
FXStreet (Mumbai) - The EUR/GBP pair picked up pace in the European session and is now attempting to take out the hourly 50-MA located at 0.7042.
Strong resistance at 0.7042
The cross faces strong resistance at 0.7042 (confluence of the hourly 50-MA and Nov 5 low). Sterling came under pressure across the board mainly due to the sell-off in the GBP/JPY cross. Meanwhile, the common currency remained resilient to the uptick in the European stocks.
With no major data due today and a trading holiday in the US, the cross could see lackluster action later today.
EUR/GBP Technical Levels
At 0.7038, the immediate resistance is seen at 0.7042 (hourly 50-MA+Nov 5 low), above which the gains could be extended to 0.7080 (previous day’s high). On the other side, support is seen at 0.7015 (daily low) and 0.6981 (Nov 18 low).
Strong resistance at 0.7042
The cross faces strong resistance at 0.7042 (confluence of the hourly 50-MA and Nov 5 low). Sterling came under pressure across the board mainly due to the sell-off in the GBP/JPY cross. Meanwhile, the common currency remained resilient to the uptick in the European stocks.
With no major data due today and a trading holiday in the US, the cross could see lackluster action later today.
EUR/GBP Technical Levels
At 0.7038, the immediate resistance is seen at 0.7042 (hourly 50-MA+Nov 5 low), above which the gains could be extended to 0.7080 (previous day’s high). On the other side, support is seen at 0.7015 (daily low) and 0.6981 (Nov 18 low).