22 Oct 2015
EUR/GBP drops to near 50-DMA levels
FXStreet (Mumbai) - The last minute selling in EUR ahead of the ECB meeting, pushed the EUR/GBP cross to within touching distance from its 50-DMA located at 0.7315 levels.
Focus on UK data
The immediate focus now is on the UK data, which is expected to show a tightening labor markets and rising wages translated led to a higher retail consumption in September.
Post UK data, the expectations surrounding the ECB meeting would once again guide the trading in the EUR/GBP pair. At the time of writing, the pair was at its daily low of 0.7320.
EUR/GBP Technical Levels
The immediate support is seen at 0.7315 (50-DMA), under which the pair could drop to 0.7260 (trend line support seen on the monthly chart)-0.7255 (200-DMA). On the higher side, a break above 0.7333 (Oct 7 low) would expose 10-DMA at 0.7372 and 0.74 handle.
Focus on UK data
The immediate focus now is on the UK data, which is expected to show a tightening labor markets and rising wages translated led to a higher retail consumption in September.
Post UK data, the expectations surrounding the ECB meeting would once again guide the trading in the EUR/GBP pair. At the time of writing, the pair was at its daily low of 0.7320.
EUR/GBP Technical Levels
The immediate support is seen at 0.7315 (50-DMA), under which the pair could drop to 0.7260 (trend line support seen on the monthly chart)-0.7255 (200-DMA). On the higher side, a break above 0.7333 (Oct 7 low) would expose 10-DMA at 0.7372 and 0.74 handle.