22 Jan 2015
EUR/GBP trades near 5-DMA ahead of ECB meet
FXStreet (Mumbai) - The EUR/GBP pair weakened to trade near the 5-DMA located at 0.7654 levels as investors await fresh cues from the UK public sector net borrowing data and the ECB meet.
The pair currently trades 0.13% lower at 0.7656. The EUR/USD pair trades 0.08% lower at 1.16 levels ahead of the ECB meet. Reports came out yesterday that the bank is likely to announce a EUR 50 billion per month QE program. However, the bank is likely to begin purchasing from March. Meanwhile, the GBP/USD pair is up 0.05% at 1.5151. The UK public sector net borrowing in December is expected to come-in at GBP 9.00 billion, down from GBP 13.4 billion in November.
The EUR/GBP pair may also see some volatility as the Bank of England’s Miles and Fisher are scheduled to speak today at different events.
EUR/GBP Technical Levels
The immediate resistance is seen at 0.7671, above which gains could be extended to 0.7684 (10-DMA) levels. Meanwhile, support is seen at 0.7652 (5-DMA) and 0.7626 levels.
The pair currently trades 0.13% lower at 0.7656. The EUR/USD pair trades 0.08% lower at 1.16 levels ahead of the ECB meet. Reports came out yesterday that the bank is likely to announce a EUR 50 billion per month QE program. However, the bank is likely to begin purchasing from March. Meanwhile, the GBP/USD pair is up 0.05% at 1.5151. The UK public sector net borrowing in December is expected to come-in at GBP 9.00 billion, down from GBP 13.4 billion in November.
The EUR/GBP pair may also see some volatility as the Bank of England’s Miles and Fisher are scheduled to speak today at different events.
EUR/GBP Technical Levels
The immediate resistance is seen at 0.7671, above which gains could be extended to 0.7684 (10-DMA) levels. Meanwhile, support is seen at 0.7652 (5-DMA) and 0.7626 levels.