Thursday, October 29, 2015

EUR/GBP wipes-out losses, recedes to 0.7160

FXStreet (Mumbai) - The EUR/GBP cross ran through fresh offers near hourly 20-SMA at 0.7180 and retreated slightly towards ten-week lows reached on Wednesday in response to the hawkish FOMC.

EUR/GBP hovers around hourly 10-SMA

Currently, the EUR/GBP pair trades muted at 0.7156, easing-off fresh session highs recorded at 0.7174 last hours. The recovery from two-month lows lost steam and the cross now trims gains as the pound appears to regain strength and edges higher against the US dollar.

The cross, however, remains supported on the back of a minor recovery in the EUR/USD pair as the greenback corrects lower across the board after the FOMC-backed rally.

EUR, GBP traders now await a slew of economic news to be reported this session for further momentum. German CPI and the UK net lendings data may influence the EUR/GBP cross.

EUR/GBP Technical Levels

To the upside, the next resistance is located at 0.7174/80 (Today’s High/ 1h 20-SMA), above which it could extend gains to 0.7200 (round number). To the downside immediate support might be located at 0.7142 (Oct 28 Low) below that at 0.7116 (daily S1).
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