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EUR/GBP on the rise as stocks turn red

FXStreet (Mumbai) - The buying interest in the single currency spiked, taking the EUR/GBP pair to a session high of 0.7342 as the stock markets across the Europe erased gains and fell into losses.

Upside capped at hourly 50-MA

The cross failed to sustain above its hourly 50-MA located at 0.7339, but still remains on a positive footing, tracking losses in the European equities. The pan-European Euro Stoxx 600 index dropped more than 0.7%.

The immediate focus in now on whether the BOE’s Carney throws light on the timing of the interest rate hike at his testimony before the lawmakers.

EUR/GBP Technical Levels

At 0.7335, the immediate resistance is located at 0.7339 (hourly 50-MA), followed by a hurdle at 0.7363 (hourly 100-MA). On the other side, support is seen at 0.7313 and 0.7307 (50-DMA), under which the cross could target 0.7259 (200-DMA).

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The bid tone surrounding the EUR/USD pair eased a bit in the European morning, as the major met fresh supply at the hourly 200-SMA located near 1.1365 levels.
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