EUR/GBP Offered at Hourly 50-MA, Turns Negative

EUR/GBP Offered at Hourly 50-MA, Turns Negative

30 March 2016, 09:12
Roberto Jacobs
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EUR/GBP Offered at Hourly 50-MA, Turns Negative

EUR/GBP faced rejection at hourly 50-MA level of 0.7858 levels and erased gains as Stoxx 50 futures opened higher.

Sterling ignoring Brexit poll

As of now, British Pound is not paying attention to latest Ipsos Mori poll which shows “In” vote narrowed lead. Meanwhile, a 0.70% rise in the pan-European Stoxx 50 index is restricting gains in the common currency.

Consequently, the cross surrendered gains to trade around 0.7845 levels. Traders await EMU sentiment indices release, which will be followed by Eurozone CPI release.

EUR/GBP Technical Levels

The immediate hurdle at 0.7858 (hourly 50-MA) if breached shall open doors for a rise to hourly 100-MA level of 0.7880. On the other hand, a break below 0.7830 (previous day’s low) would expose 0.7774 (Mar 18 low).

(Market News Provided by FXstreet)

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