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EUR/GBP off lows as stocks turn red

FXStreet (Mumbai) - The EUR/GBP pair recovered slightly from its daily low as stock markets in Europe turned red, thereby pushing the US index futures lower.

EUR bid in the US session

The bid tone on the EUR improved in the early US session in line with the recovery in other funding and safe haven assets. Moreover, the losses in the commodity prices eventually weighed over the European stock markets and pushed the S&P futures lower by 0.4%.

However, the recovery is extremely weak as German 10-yr yields pared gains. The pair now trades around 0.7324, compared to the European session low of 0.7305 levels.

EUR/GBP Technical Levels

The immediate support is seen at 0.7301 (50-DMA), under which the pair could test 0.7278 (38.2% of 0.6930-0.7492). On the other side, resistance is seen at 0.7333 (Oct 7 low) and 0.7360 (23.6% of 0.6930-0.7492).

GBP/USD consolidates around 100-DMA

The GBP/USD is hovering around its 100-DMA at 1.5488 in early US session as the upside is being capped by the recovery in the EUR/GBP pair.
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