7 Apr 2015
EUR/GBP drops to 50-DMA
FXStreet (Mumbai) - The EUR continues to under perform the GBP, thereby pushing the EUR/GBP pair lower to its 50-DMA at 0.7289.
Better-than-expected UK data weighs
The British Pound has remained supported since the UK services PMI for March beat expectations to print at 58.9. On the other hand, the Eurozone and the German services PMI, though at multi-month highs, failed to meet the expectations. The EUR/USD pair dropped 0.70%, however, the GBP/USD pair remains largely unchanged for the day. Consequently, the EUR/GBP cross fell 0.68% to 0.7289.
EUR/GBP Technical Levels
The immediate support is located at 0.7264 (Mar. 27 low), under which losses could be extended to 0.7221. On the flip side, resistance is seen at 0.7311 (10-DMA) and 0.7350 levels.
Better-than-expected UK data weighs
The British Pound has remained supported since the UK services PMI for March beat expectations to print at 58.9. On the other hand, the Eurozone and the German services PMI, though at multi-month highs, failed to meet the expectations. The EUR/USD pair dropped 0.70%, however, the GBP/USD pair remains largely unchanged for the day. Consequently, the EUR/GBP cross fell 0.68% to 0.7289.
EUR/GBP Technical Levels
The immediate support is located at 0.7264 (Mar. 27 low), under which losses could be extended to 0.7221. On the flip side, resistance is seen at 0.7311 (10-DMA) and 0.7350 levels.