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EUR/GBP trims gains, trades below 5-DMA

FXStreet (Mumbai) - Offered at 0.7423, the EUR/GBP pair is trading just below its 5-DMA located at 0.74 levels as the prevailing risk-on in the equities weighed over the EUR.

Eyes hourly 100-MA

The EUR/GBP cross has fallen back to trade closer to its hourly 100-MA located at 0.7392 levels. The pair ran out of steam above 0.74 as the rally in the European stocks restricted demand for the funding currencies.

However, the pair still trades with moderate gains on the day, courtesy of the weak UK services PMI data. Ahead in the day, the spot is likely to take cues from the US ISM non-manufacturing figure and sentiment on the Wall Street.

EUR/GBP Technical Levels

The immediate support is seen at 0.7376 (hourly 200-MA), under which the pair could drop to 0.7350 (Oct 2 low). On the other side, resistance is seen at 0.7423 (daily high) and 0.7442 (Friday’s high).

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