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EUR/GBP drops below 0.71 handle

FXStreet (Mumbai) - The positive action in the European equity futures strengthened the offered tone around EUR, thereby pushing the EUR/GBP cross below 0.71 handle.

Retraced more than 60% of Jul-Oct rally

The cross now sits well below the 61.8% fib retracement of the rally witnessed from mid-July to mid-Oct located at 0.7145. The EUR/GBP cross traded on a positive footing earlier today around 0.7113, before fresh offers pushed it back below 0.71 handle.

The focus now is on the Eurozone services PMI and UK services PMI figures for October.

EUR/GBP Technical Levels

At 0.7087, the immediate support is located at 0.7063 (76.4% of Jul-Oct rally), under which the next support is seen directly at 0.70 handle. On the higher side, resistance is seen at 0.71, followed by a major hurdle at 0.7145 (61.8% of Jul-Oct rally).

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