20 Jan 2015
EUR/GBP falls to 5-DMA
FXStreet (Mumbai) - The EUR/GBP pair declined to the 5-DMA level located at 0.7651, after having faced rejection near 0.77 levels earlier today.
The pair currently trades 0.33% lower at 0.7654 levels, compared to the previous session’s close at 0.7680 levels. The single currency remains under pressure ahead of Thursday’s European Central Bank (ECB) meet, wherein the market expects the bank to announce a sovereign QE program. Thus, the EUR/USD pair trades 0.13% lower at 1.1589 levels. Meanwhile, the GBP/USD pair trades 0.20% higher at 1.5141 levels. Consequently, the EUR/GBP cross has been pushed lower to 5-DMA levels.
The pair may extend slide if the Zew survey data in Germany, due for release today, paint a gloomy picture of the economic conditions.
EUR/GBP Technical Levels
The pair has an immediate support at 0.7651 (5-DMA), under which losses could be extended to 0.7628 levels. Meanwhile, resistance is seen at 0.7664 and 0.7690 levels.
The pair currently trades 0.33% lower at 0.7654 levels, compared to the previous session’s close at 0.7680 levels. The single currency remains under pressure ahead of Thursday’s European Central Bank (ECB) meet, wherein the market expects the bank to announce a sovereign QE program. Thus, the EUR/USD pair trades 0.13% lower at 1.1589 levels. Meanwhile, the GBP/USD pair trades 0.20% higher at 1.5141 levels. Consequently, the EUR/GBP cross has been pushed lower to 5-DMA levels.
The pair may extend slide if the Zew survey data in Germany, due for release today, paint a gloomy picture of the economic conditions.
EUR/GBP Technical Levels
The pair has an immediate support at 0.7651 (5-DMA), under which losses could be extended to 0.7628 levels. Meanwhile, resistance is seen at 0.7664 and 0.7690 levels.