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16 Dec 2014
EUR/GBP consolidates above 20-day SMA
FXStreet (Mumbai) - EUR/GBP remains underpinned in the early European morning, after a choppy session seen in the Asian trading. The pair is seen consolidating in the range of 0.7950-07964 levels.
Currently, the EUR/GBP pair is trading flat at 0.7955 levels, almost unchanged from levels in the previous session. The British pound dropped to two-week low against the single currency during the late US session yesterday as markets geared up for a flurry of important macro economic data, viz., flash PMI and ZEW Economic sentiment readings from Euro nations due for release shortly, which are expected to show modest improvement.
The EUR/GBP pair also gains support from EUR/USD which is up 0.17% on the day at 1.2458 levels.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7974 (Dec 15 High) and above which it could extend gains to 0.7983 (Oct 17 High) levels. To the downside immediate support might be located at 0.7930 (50-day SMA) and below that at 0.7919 (100-day SMA) levels.
Currently, the EUR/GBP pair is trading flat at 0.7955 levels, almost unchanged from levels in the previous session. The British pound dropped to two-week low against the single currency during the late US session yesterday as markets geared up for a flurry of important macro economic data, viz., flash PMI and ZEW Economic sentiment readings from Euro nations due for release shortly, which are expected to show modest improvement.
The EUR/GBP pair also gains support from EUR/USD which is up 0.17% on the day at 1.2458 levels.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7974 (Dec 15 High) and above which it could extend gains to 0.7983 (Oct 17 High) levels. To the downside immediate support might be located at 0.7930 (50-day SMA) and below that at 0.7919 (100-day SMA) levels.