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EUR/GBP rises towards 200 DMA

FXStreet (Mumbai) - The single currency extended gains against the Pound today, taking the EUR/GBP pair higher towards the 200 DMA located at 0.8054.

The EUR/GBP pair traded 0.19% higher at 0.8032 at the time of writing. The Technical report from CommerzBank points out that the pair has driven through the 2013-2014 down trend line at 0.8007, while gains are capped at 200 day ma and the 50% retracement of the move down from March at 0.8055/83.

Moreover, the single currency gained yesterday on a surprisingly strong German Zew survey data in which the economic sentiment rose to a four-month high in September.

EUR/GBP Technical Levels

The pair has an immediate support located at 0.8048 (Oct. 158 high), above which the pair has a strong resistance at 0.8054. Meanwhile, support is seen at 0.8012 and 0.7970 levels.

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