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5 Dec 2014
EUR/GBP gains restricted at 100-DMA for third-consecutive session
FXStreet (Mumbai) - The single currency gained strength against the British Pound although the EUR/GBP pair failed once again to extend gains above the 100-DMA located at 0.7917.
The EUR/GBP pair traded 0.10% higher at 0.7906 at the time of writing. The pair hit a high of 0.7923 levels earlier today before falling back below the 100-DMA located at 0.7917. Moreover, similar moves have been witnessed in the previous two trading sessions, where the pair made highs above 0.7917 levels, only to erase gains and end the day on a weak note.
The gains in the pair have been limited despite the German factory orders for October came-in at 2.4% year-on-year, beating the forecast of 0.0%. The market now awaits the preliminary Eurozone Q3 GDP reading due for release today.
EUR/GBP Technical Levels
The pair has an immediate resistance at 0.7915 (5-DMA) and 0.7919 (50-DMA), above which another stiff resistance is seen at 0.7924 (daily high). Meanwhile, strong support is seen at 0.7894 (50-DMA).
The EUR/GBP pair traded 0.10% higher at 0.7906 at the time of writing. The pair hit a high of 0.7923 levels earlier today before falling back below the 100-DMA located at 0.7917. Moreover, similar moves have been witnessed in the previous two trading sessions, where the pair made highs above 0.7917 levels, only to erase gains and end the day on a weak note.
The gains in the pair have been limited despite the German factory orders for October came-in at 2.4% year-on-year, beating the forecast of 0.0%. The market now awaits the preliminary Eurozone Q3 GDP reading due for release today.
EUR/GBP Technical Levels
The pair has an immediate resistance at 0.7915 (5-DMA) and 0.7919 (50-DMA), above which another stiff resistance is seen at 0.7924 (daily high). Meanwhile, strong support is seen at 0.7894 (50-DMA).