28 Mar 2016
EUR/GBP drops below 0.79, turns red
EUR/GBP is trading weak around 0.7880 as British Pound is marching higher against the greenback amid holiday thinned trade.
GBP recovery continues
Cable is up 0.24% today even though the upward revision of the US Q4 GDP pushed up treasury yields. Moreover, rising treasury yields have made sure the EUR/USD pair stays largely unchanged on the day.
Consequently, the EUR/GBP cross fell below 0.79 and is looking to extend losses. European markets remain closed on account of Easter Monday holiday; hence focus is on the US personal spending report due for release later today.
EUR/GBP Technical Levels
The immediate hurdle is noted at 0.79, above which prices could test 0.7928 (Feb 25 high) and 0.7946 (Mar 24 high). On the other hand, a break below 0.7862 (10-DMA) would expose 0.78 and 0.7753 (50-DMA) levels.
GBP recovery continues
Cable is up 0.24% today even though the upward revision of the US Q4 GDP pushed up treasury yields. Moreover, rising treasury yields have made sure the EUR/USD pair stays largely unchanged on the day.
Consequently, the EUR/GBP cross fell below 0.79 and is looking to extend losses. European markets remain closed on account of Easter Monday holiday; hence focus is on the US personal spending report due for release later today.
EUR/GBP Technical Levels
The immediate hurdle is noted at 0.79, above which prices could test 0.7928 (Feb 25 high) and 0.7946 (Mar 24 high). On the other hand, a break below 0.7862 (10-DMA) would expose 0.78 and 0.7753 (50-DMA) levels.