OctaFX | OctaFX Forex Broker
Open trading account

EUR/GBP extends recovery from weekly lows

FXStreet (Córdoba) - EUR/GBP pushed to fresh daily highs as the pound weakened on the back of weaker than expected UK trade balance data.

EUR/GBP extended its recovery from the 0.7800 area and touched a daily high of 0.7840 but lacked follow-through. At time of writing, the pair is trading at 0.7833, still up 0.25% on the day but virtually unchanged on the week.

The euro weakened Thursday and briefly dropped below 0.7800 versus the pound following ECB President dovish remarks. However, EUR/GBP found support at 0.7798, the same level it bottomed earlier this week.

EUR/GBP technical levels

On the upside, EUR/GBP could find immediate resistances at 0.7863 (Nov 5 & 6 highs), 0.7883/85 (Oct 31 high/20-day SMA) and 0.7900 (psychological level). On the downside, supports could be found at 0.7800/0.7798 (psychological level/Nov 3 & 6 lows), 0.7789 (Oct 2 low) and 0.7766 (2014 low Oct 1).

EUR/USD capped at 1.2400

EUR/USD continues to challenge the boundaries of 1.2400 the figure on Friday, although a sustainable break appears elusive so far...
Read more Previous

Nikkei clocks three-consecutive weekly gains

The Japanese equities turned higher today tracking persistent strength in the USD/JPY exchange rate. Stocks opened higher, and managed to end the day with gains, thereby finishing higher for a third-consecutive week.
Read more Next
Start livechat