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16 Mar 2015
EUR/GBP backs-off from the session high
FXStreet (Mumbai) - The EUR/GBP pair retreated from the session high of 0.7138 as the recovery in the UK Gilt yields in the UK helped the British Pound recover part of its losses.
EUR/GBP: dips below hourly 50-MA
The EUR/GBP pair dipped below the hourly 50-MA located at 0.7124 as the Pound strengthened on the recovery in Gilt yields. Given the absence of the major market moving data in the UK and Eurozone, the pair is likely to take cues from the relative movements in the bond yields. The pair is also likely to take cues from the European Central Bank (ECB) President Draghi’s speech later today.
EUR/GBP Technical Levels
The immediate support is located at 0.7103 (hourly 100-MA), under which losses could be extended to 0.7080. On the other hand, resistance is seen at 0.7138 and 0.7161 (hourly 200-MA).
EUR/GBP: dips below hourly 50-MA
The EUR/GBP pair dipped below the hourly 50-MA located at 0.7124 as the Pound strengthened on the recovery in Gilt yields. Given the absence of the major market moving data in the UK and Eurozone, the pair is likely to take cues from the relative movements in the bond yields. The pair is also likely to take cues from the European Central Bank (ECB) President Draghi’s speech later today.
EUR/GBP Technical Levels
The immediate support is located at 0.7103 (hourly 100-MA), under which losses could be extended to 0.7080. On the other hand, resistance is seen at 0.7138 and 0.7161 (hourly 200-MA).