The cross in the EUR/GBP extends its overnight recovery beyond 0.72 handle into Europe, having found good support at 200-DMA located at 0.7192.
EUR/GBP gains on EUR strength
Currently, the EUR/GBP pair trades 0.24% higher at 0.7216, hovering around fresh session highs reached at 0.7219 last minutes. The weak Chinese trade data and lower oil prices triggered sell-off in global equities, which lifted the demand for safe-haven assets such as the euro, and pushed EUR/GBP higher towards 100-DMA at 0.7230.
On the other hand, the pound remains undermined versus the greenback amid reduced risk-appetite in markets while expectations of slightly weak UK industrial figures to be released in the session ahead also weighs on sterling, keeping a lid on gains in EUR/GBP.
EUR/GBP Technical Levels
To the upside, the next resistance is located at 0.7230 (100-DMA), above which it could extend gains to 0.7251 (Dec 3 High). To the downside immediate support might be located at 0.7192 (200--DMA) below that at 0.7154 (50-DMA).
EUR/GBP gains on EUR strength
Currently, the EUR/GBP pair trades 0.24% higher at 0.7216, hovering around fresh session highs reached at 0.7219 last minutes. The weak Chinese trade data and lower oil prices triggered sell-off in global equities, which lifted the demand for safe-haven assets such as the euro, and pushed EUR/GBP higher towards 100-DMA at 0.7230.
On the other hand, the pound remains undermined versus the greenback amid reduced risk-appetite in markets while expectations of slightly weak UK industrial figures to be released in the session ahead also weighs on sterling, keeping a lid on gains in EUR/GBP.
EUR/GBP Technical Levels
To the upside, the next resistance is located at 0.7230 (100-DMA), above which it could extend gains to 0.7251 (Dec 3 High). To the downside immediate support might be located at 0.7192 (200--DMA) below that at 0.7154 (50-DMA).
