EUR/GBP Rises Further to Test 20-DMA, Near 0.7970
The offered tone surrounding the pound keeps growing bigger as we head into the European morning, sending EUR/GBP to fresh session highs in the upper band of 0.79 handle.
EUR/GBP faces stiff resistance around 20-DMA
Currently,
the EUR/GBP pair trades 0.29% higher at 0.7968, hovering close to fresh
session highs at 0.7974. EUR/GBP’s recovery gained traction over the
last hour after the pound fell further in the red amid a lack of demand
for risk currencies such as the GBP as the oil price slump curbed the
risk appetite this Monday.
On the other hand, the price action
surrounding EUR/USD provide keeps the upside restricted in the cross.
The EUR/USD pair traded directionless around 1.1285 levels almost since
mid-Asia, awaiting fresh incentives from the European session.
EUR/GBP Technical Levels
To
the upside, the next resistance is located at 0.8000 (10-DMA/ round
number), above which it could extend gains to 0.8033/50 (Apr 12 High).
To the downside immediate support might be located at 0.7925 (Apr 13 w)
below that at 0.7910/00 (daily S3/ Apr 1 Low).
