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7 Nov 2014
EUR/GBP extends recovery from weekly lows
FXStreet (Córdoba) - EUR/GBP pushed to fresh daily highs as the pound weakened on the back of weaker than expected UK trade balance data.
EUR/GBP extended its recovery from the 0.7800 area and touched a daily high of 0.7840 but lacked follow-through. At time of writing, the pair is trading at 0.7833, still up 0.25% on the day but virtually unchanged on the week.
The euro weakened Thursday and briefly dropped below 0.7800 versus the pound following ECB President dovish remarks. However, EUR/GBP found support at 0.7798, the same level it bottomed earlier this week.
EUR/GBP technical levels
On the upside, EUR/GBP could find immediate resistances at 0.7863 (Nov 5 & 6 highs), 0.7883/85 (Oct 31 high/20-day SMA) and 0.7900 (psychological level). On the downside, supports could be found at 0.7800/0.7798 (psychological level/Nov 3 & 6 lows), 0.7789 (Oct 2 low) and 0.7766 (2014 low Oct 1).
EUR/GBP extended its recovery from the 0.7800 area and touched a daily high of 0.7840 but lacked follow-through. At time of writing, the pair is trading at 0.7833, still up 0.25% on the day but virtually unchanged on the week.
The euro weakened Thursday and briefly dropped below 0.7800 versus the pound following ECB President dovish remarks. However, EUR/GBP found support at 0.7798, the same level it bottomed earlier this week.
EUR/GBP technical levels
On the upside, EUR/GBP could find immediate resistances at 0.7863 (Nov 5 & 6 highs), 0.7883/85 (Oct 31 high/20-day SMA) and 0.7900 (psychological level). On the downside, supports could be found at 0.7800/0.7798 (psychological level/Nov 3 & 6 lows), 0.7789 (Oct 2 low) and 0.7766 (2014 low Oct 1).