EUR/GBP Drops Below 0.79, Turns Red

EUR/GBP Drops Below 0.79, Turns Red

28 March 2016, 10:03
Roberto Jacobs

EUR/GBP Drops Below 0.79, Turns Red

EUR/GBP is trading weak around 0.7880 as British Pound is marching higher against the greenback amid holiday thinned trade.

GBP recovery continues

Cable is up 0.24% today even though the upward revision of the US Q4 GDP pushed up treasury yields. Moreover, rising treasury yields have made sure the EUR/USD pair stays largely unchanged on the day.

Consequently, the EUR/GBP cross fell below 0.79 and is looking to extend losses. European markets remain closed on account of Easter Monday holiday; hence focus is on the US personal spending report due for release later today.

EUR/GBP Technical Levels

The immediate hurdle is noted at 0.79, above which prices could test 0.7928 (Feb 25 high) and 0.7946 (Mar 24 high). On the other hand, a break below 0.7862 (10-DMA) would expose 0.78 and 0.7753 (50-DMA) levels.

(Market News Provided by FXstreet)

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