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EUR/GBP drops below confluence of Moving Average resistances

FXStreet (Mumbai) - The EUR/GBP pair fell below the confluence of the 50-DMA, 100-DMA, 200-DMA seen in the range of 0.7195-0.7198 levels in the European session.

USD bid, but Sterling relatively resilient

The US dollar is strong against both the European majors – EUR and GBP. However, the weaker-than-expected Eurozone industrial production released today, coupled with the upbeat stock markets has weakened EUR more than GBP.

Consequently, the EUR/GBP cross turned lower from the session high of 0.7205 and is fast approaching 0.7177 levels (38.2% of 0.7493-0.6981).

EUR/GBP Technical Levels

At 0.7185, the immediate support is seen at 0.7177 (38.2% of 0.7493-0.6981), under which the pair could drop to 0.7145 (61.8% of 0.6931-0.7493). On the other hand, a convincing break above the of the 50-DMA, 100-DMA, 200-DMA seen in the range of 0.7195-0.7198 levels would open doors for a test of 0.7237 (Friday’s high+50% of 0.6931-0.7493).

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