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9 Dec 2015
EUR/GBP struggles despite losses in equities
FXStreet (Mumbai) - The EUR/GBP pair is working hard to avoid losses even though the stock markets have extended the risk-off seen in the previous session.
Cable outpaced EUR/USD pair
The Cable surprisingly outpaced the EUR/USD pair despite the losses in the European equities, which had opened on a firmer note. The pan-European Euro Stoxx 50 now trades 0.60% lower.
The risk-off in the equities on Tuesday saw the funding currency EUR rise, while the GBP was offered across the board. However, the EUR is underperforming today, due to which the EUR/GBP cross erased gains to trade unchanged on the day around 0.7260.
EUR/GBP Technical Levels
The immediate resistance is located at to 0.7278 (38.2% of 0.6931-0.7493), above which the cross could target 0.73 handle. ). On the other hand, a break below 0.7237 (50% of 0.7493-0.6981) would expose 0.7212 (50% of 0.6931-0.7493).
Cable outpaced EUR/USD pair
The Cable surprisingly outpaced the EUR/USD pair despite the losses in the European equities, which had opened on a firmer note. The pan-European Euro Stoxx 50 now trades 0.60% lower.
The risk-off in the equities on Tuesday saw the funding currency EUR rise, while the GBP was offered across the board. However, the EUR is underperforming today, due to which the EUR/GBP cross erased gains to trade unchanged on the day around 0.7260.
EUR/GBP Technical Levels
The immediate resistance is located at to 0.7278 (38.2% of 0.6931-0.7493), above which the cross could target 0.73 handle. ). On the other hand, a break below 0.7237 (50% of 0.7493-0.6981) would expose 0.7212 (50% of 0.6931-0.7493).