FXStreet (Mumbai) - A spike to 0.71 quickly faded away and the EUR/GBP pair fell back to a session low of 0.7065 as the markets ignored BOE’s Haldane’s comments and pushed up Sterling.
Rejected at hourly 50-MA
The cross failed to take out its hourly 50-MA following which the pair made its way back to fresh session low. Moreover, the drop in the UK unemployment rate to fresh multi-year lows overshadowed the weak earnings figure and helped sterling recover losses.
BOE’s Haldane did state the price pressures remain weak and the wage growth low, but that had a little negative impact on Sterling.
EUR/GBP Technical Levels
The pair now trades around 0.7070. The immediate resistance is seen at 0.7105 (hourly 50-MA), above which the pair could rise to 0.7120 (hourly 200-MA). A break above the same would expose 0.7145 (61.8% of 0.6931-0.7493). On the other side, support is seen at 0.7065 (daily low), under which the losses could be extended to 0.7042 (Nov 5 low).
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