24 Mar 2015
EUR/GBP hit one-month high, trades above 50-DMA
FXStreet (Mumbai) - The better-than-expected flash PMI report in Germany pushed the EUR/GBP pair to a one-month high of 0.7350.
EUR/GBP: Trades above 50-DMA
The pair rose above the 50-DMA located at 0.7328 in anticipation of a strong data. Post the release the pair extended gains by a few pips to hit a high of 0.7350. Moreover, German private sector activity rising to eight month high supports ECB president Draghi’s view that the Eurozone economy as a whole is seeing signs of recovery.
Further confirmation of the economic recovery is awaited in the form of flash Eurozone PMI report due for release in a few minutes.
EUR/GBP Technical Levels
The pair currently trades at 0.7348, up 0.38% for the day. The immediate resistance is seen at 0.7402 (Jan. 25th low), above which gains could be extended to 0.7440. On the flip side, a break below 0.7328 (50-DMA) could push the pair down to 0.7272.
EUR/GBP: Trades above 50-DMA
The pair rose above the 50-DMA located at 0.7328 in anticipation of a strong data. Post the release the pair extended gains by a few pips to hit a high of 0.7350. Moreover, German private sector activity rising to eight month high supports ECB president Draghi’s view that the Eurozone economy as a whole is seeing signs of recovery.
Further confirmation of the economic recovery is awaited in the form of flash Eurozone PMI report due for release in a few minutes.
EUR/GBP Technical Levels
The pair currently trades at 0.7348, up 0.38% for the day. The immediate resistance is seen at 0.7402 (Jan. 25th low), above which gains could be extended to 0.7440. On the flip side, a break below 0.7328 (50-DMA) could push the pair down to 0.7272.