27 Apr 2016
EUR/GBP attempts tepid bounce from 6-week troughs
The European currency is seen making minor-recovery attempts from multi-week troughs, now lifting the EUR/GBP cross beyond 0.7750 levels.
EUR/GBP: UK GDP in focus
Currently, the EUR/GBP pair trades 0.08% higher at 0.7757, moving further away from fresh six-week lows struck at 0.7735 in the previous session. The cross in the EUR/GBP ended a three-day decline and edged marginally higher this session as the pound is seen losing ground against the greenback amid expectations of a weaker UK prelim GDP print.
While the EUR/USD pair directionless around 1.13 handle, with the bulls focused on the FOMC decision due later today for next direction on the major. Meanwhile, we have the Euro zone money supply data ahead of the UK GDP report, which is expected to virtually have no impact on the EUR.
EUR/GBP Technical Levels
To the upside, the next resistance is located at 0.7800 (round figure/ daily R2), above which it could extend gains to 0.7839/66 (10-DMA/ 1h 200-SMA). To the downside immediate support might be located at 0.7735 (six-week lows) below that at 0.7700 (round number).
EUR/GBP: UK GDP in focus
Currently, the EUR/GBP pair trades 0.08% higher at 0.7757, moving further away from fresh six-week lows struck at 0.7735 in the previous session. The cross in the EUR/GBP ended a three-day decline and edged marginally higher this session as the pound is seen losing ground against the greenback amid expectations of a weaker UK prelim GDP print.
While the EUR/USD pair directionless around 1.13 handle, with the bulls focused on the FOMC decision due later today for next direction on the major. Meanwhile, we have the Euro zone money supply data ahead of the UK GDP report, which is expected to virtually have no impact on the EUR.
EUR/GBP Technical Levels
To the upside, the next resistance is located at 0.7800 (round figure/ daily R2), above which it could extend gains to 0.7839/66 (10-DMA/ 1h 200-SMA). To the downside immediate support might be located at 0.7735 (six-week lows) below that at 0.7700 (round number).