OctaFX | OctaFX Forex Broker
Open trading account
Back

EUR/GBP: Bull grip tightens, trades around 0.74

FXStreet (Mumbai) - The market’s sudden love affair with the EUR pushed the EUR/GBP cross to a session high of 0.7416 head of the NY session.

Trades above weekly 50-MA

The sits comfortably above its weekly 50-MA located at 0.7390, although offers above 0.74 is making life difficult for the EUR bulls. The broad based USD selling, coupled with the oil driven risk-on has favoured EUR more than other majors.

Meanwhile, the rise in the UK trade deficit kept a lid on the gains in the GBP/USD. Consequently, EUR/GBP cross advanced to a high of 0.7416. The spot now trades around 0.7410 levels.

EUR/GBP Technical Levels

The immediate resistance is seen at 0.7443 (Oct 2) high, above which the pair could rise to 0.7483 (May 7 high) and 0.75 levels. On the other side, support is seen at 0.7350 (Oct 2 low), under which the pair could fall to 0.7333 (Oct 7 low); which if taken out could push the pair down to 0.7274 (200-DMA).

Canada Net Change in Employment came in at 12.1K, above forecasts (10K) in September

Canada Net Change in Employment came in at 12.1K, above forecasts (10K) in September
Read more Previous

United States Import Price Index (YoY) climbed from previous -11.4% to -10.7% in September

United States Import Price Index (YoY) climbed from previous -11.4% to -10.7% in September
Read more Next
Start livechat