EUR/GBP in the Red, Holds Above Monday’s Low

EUR/GBP in the Red, Holds Above Monday’s Low

26 April 2016, 08:52
Roberto Jacobs
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EUR/GBP in the Red, Holds Above Monday’s Low

The pound remains better bid versus its European counterpart in the early dealings, keeping EUR/GBP under pressure near 0.7770 region.

EUR/GBP mires near six-week lows

Currently, the EUR/GBP pair trades 0.08% lower at 0.7773, retreating slightly from fresh session lows of 0.7766 reached in the last hour. After a flat close in the previous session, the EUR/GBP came under renewed selling pressure this Tuesday, on the back of a broadly stronger pound amid growing support for the ‘remain’ camp with regard to EU referendum.

While the EUR/USD pair wavers between gains and losses, unable to find a clear direction, as traders remain on the back foot ahead of the crucial central bank events due later this week – FOMC and BOJ policy outcomes. In the meantime, focus remains on the US durable goods and UK prelim GDP data for fresh impetus on the cross.

EUR/GBP Technical Levels

To the upside, the next resistance is located at 0.7800/02 (round figure/ 5-DMA), above which it could extend gains to 0.7839/62 (1h 100-SMA/ 10-DMA). To the downside immediate support might be located at 0.7750 (daily S1) below that at 0.7732/00 (Mar 14 Low/ round number).


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