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EUR/GBP ignores BOE’s McCafferty, moves to 0.7350

FXStreet (Mumbai) - The EUR/GBP extended gains to hit a session high of 0.7350 as the markets turned a blind eye towards hawkish comments from a well know BOE hawk McCafferty.

Snaps four day losing streak

The cross advanced as the European equities fell, thereby snapping the four day losing streak. Moreover, the investors were scared out of the long EUR positions on speculation that the ECB would hint at more QE or rate cut at Thursday’s meeting.

As of now, the pair is trading around 0.7350, while the pan-European Euro Stoxx equity index is down 0.7%. BOE’s McCafferty called for a rate hike sooner than later, although markets ignored his comments.

EUR/GBP Technical Levels

At 0.7335, the immediate resistance is located at 0.7373 (10-DMA), followed by a hurdle at 0.7363 (hourly 100-MA). A break above the same would expose 0.74 handle. 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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