10 Jul 2015
EUR/GBP drops below 0.72 ahead of UK trade data
FXStreet (Mumbai) - The EUR/GBP pair fell below 0.72, as it ran into offers at the high of 0.7223 ahead of the data in the UK, which could show the trade deficit in May widened.
EUR/GBP: hovers around hourly 50-MA
The spot currently trades at the hourly 50-MA currently located at 0.7191. The pair turned lower from the high of 0.7223, a level which the pair failed to take out in the previous two sessions. The common currency was pushed higher in the early European session on hopes of Greek deal, but the momentum faded at the resistance level at 0.7223.
Ahead in the day, Greece related news flow and the UK trade deficit figures due for release in few minutes could influence the pair.
EUR/GBP Technical Levels
The immediate support is located at 0.7191 (hourly 50-MA), under which the spot could target 0.7161. On the flip side, a break above the immediate resistance at 0.7223 could see the pair rise to 0.7250.
EUR/GBP: hovers around hourly 50-MA
The spot currently trades at the hourly 50-MA currently located at 0.7191. The pair turned lower from the high of 0.7223, a level which the pair failed to take out in the previous two sessions. The common currency was pushed higher in the early European session on hopes of Greek deal, but the momentum faded at the resistance level at 0.7223.
Ahead in the day, Greece related news flow and the UK trade deficit figures due for release in few minutes could influence the pair.
EUR/GBP Technical Levels
The immediate support is located at 0.7191 (hourly 50-MA), under which the spot could target 0.7161. On the flip side, a break above the immediate resistance at 0.7223 could see the pair rise to 0.7250.