4 Dec 2015
EUR/GBP consolidates around 0.72 handle
FXStreet (Mumbai) - The EUR/GBP pair is trading in the sideways manner around 0.72 handle ahead of the US non-farm payrolls figure.
EUR has an upper hand over GBP
The EUR could turn out to be a major performer in case the NP prints horribly weak and triggers a major shift/drop in the December rate hike bets. After the ECB’s disappointment, the EUR bears are demoralized and thus doors are open for further unwinding of EUR shorts/fresh EUR longs.
Meanwhile, the GBP is heading on a relatively weak note; courtesy of dismal PMI numbers released earlier this week. At the moment, the EUR/GBP is trading around 0.7205 levels.
EUR/GBP Technical Levels
The pair faces a strong support around 0.7199-0.7155 (confluence of 50-DMA, 100-DMA and 200-DMA), under which the pair could target 0.7145 (61.8% of 0.6930-0.7493). On the other side, resistance is seen at 0.7251 (previous day’s high), above which the pair could target 0.7200.
EUR has an upper hand over GBP
The EUR could turn out to be a major performer in case the NP prints horribly weak and triggers a major shift/drop in the December rate hike bets. After the ECB’s disappointment, the EUR bears are demoralized and thus doors are open for further unwinding of EUR shorts/fresh EUR longs.
Meanwhile, the GBP is heading on a relatively weak note; courtesy of dismal PMI numbers released earlier this week. At the moment, the EUR/GBP is trading around 0.7205 levels.
EUR/GBP Technical Levels
The pair faces a strong support around 0.7199-0.7155 (confluence of 50-DMA, 100-DMA and 200-DMA), under which the pair could target 0.7145 (61.8% of 0.6930-0.7493). On the other side, resistance is seen at 0.7251 (previous day’s high), above which the pair could target 0.7200.