19 Jan 2016
EUR/GBP remains around hourly 100-MA
FXStreet (Mumbai) - The EUR/GBP pair remains around the hourly 100-MA located at 0.7592 levels as traders turned a blind eye towards the German/Eurozone Zew survey and monthly CPI figures.
Trades below 0.7600
The cross currently sits between the hourly 100-MA and 0.7600 handle. The bearish move appears to have run out steam again as it neared the 5-DMA seen at 0.7580. The British Pound failed to capitalize on the rise in core inflation, while the uptick in the stock markets is capping demand for the EUR.
Hence, the pair now awaits BOE Carney’s speech due in about 45 minutes. Sterling traders would watch out for Carney’s comments on wage growth, inflation and service sector slowdown.
EUR/GBP Technical Levels
At 0.7594, the pair has immediate support at 0.7592 (hourly 100-MA), under which the losses could be extended to 0.7532 (10-DMA). On the other hand, a resistance is seen at 0.7600, which if taken out shall open doors for a re-test of the daily high of 0.7657.
Trades below 0.7600
The cross currently sits between the hourly 100-MA and 0.7600 handle. The bearish move appears to have run out steam again as it neared the 5-DMA seen at 0.7580. The British Pound failed to capitalize on the rise in core inflation, while the uptick in the stock markets is capping demand for the EUR.
Hence, the pair now awaits BOE Carney’s speech due in about 45 minutes. Sterling traders would watch out for Carney’s comments on wage growth, inflation and service sector slowdown.
EUR/GBP Technical Levels
At 0.7594, the pair has immediate support at 0.7592 (hourly 100-MA), under which the losses could be extended to 0.7532 (10-DMA). On the other hand, a resistance is seen at 0.7600, which if taken out shall open doors for a re-test of the daily high of 0.7657.