Back
15 Dec 2014
EUR/GBP trades nears technical resistance
FXStreet (Mumbai) - The single currency advanced against the British Pound, taking the EUR/GBP pair closer to the technical resistance on daily chart located at 0.7942 levels.
Moreover, the GBP/USD pair declined 0.38% to trade at 1.5658 levels despite the UK CBI Industrial trends survey showed that total orders came in at +5 in December. The pair peaked at 1.574 and declined 80 pips or so, thereby pushing the EUR/GBP cross higher. Meanwhile, the losses in the EUR/USD pair remained relatively capped after the European Central Bank (ECB) member Edwald Nowotny erased hopes of a further cut in the interest rates in the Euro Zone. He also stated that no governing council member would accept QE without conditions.
EUR/GBP Technical Levels
The pair may test 0.7956, if it manages to sustain above 0.7942 levels. Further gains to 0.7980 are possible if the 0.7956 resistance is breached. Meanwhile, on the downside, 0.7917 (100-DMA) shall act as an immediate support, followed by 0.7903 (50-DMA).
Moreover, the GBP/USD pair declined 0.38% to trade at 1.5658 levels despite the UK CBI Industrial trends survey showed that total orders came in at +5 in December. The pair peaked at 1.574 and declined 80 pips or so, thereby pushing the EUR/GBP cross higher. Meanwhile, the losses in the EUR/USD pair remained relatively capped after the European Central Bank (ECB) member Edwald Nowotny erased hopes of a further cut in the interest rates in the Euro Zone. He also stated that no governing council member would accept QE without conditions.
EUR/GBP Technical Levels
The pair may test 0.7956, if it manages to sustain above 0.7942 levels. Further gains to 0.7980 are possible if the 0.7956 resistance is breached. Meanwhile, on the downside, 0.7917 (100-DMA) shall act as an immediate support, followed by 0.7903 (50-DMA).