EUR/GBP: Fresh attempt at 0.74 in the making

By FXStreet FXStreet (Mumbai) – The EUR/GBP is in the process of making fresh attempt at 0.74 handle in early Europe on account of the losses in the major European equity futures.

Sterling under pressure due to weak data

Sterling is unable to match the rise in the single currency on account of the weak domestic data released heading into the Thursday’s BOE rate decision. Meanwhile, the EUR being a funding currency ticked higher on signs of weakness in the major European stock markets.

Moreover, the pair turned a blind eye towards the weak German factory orders report to print a high of 0.7396 levels. Ahead in the day, the EUR’s fixation with the sentiment in the stock markets could continue to remain as a main guiding force for the EUR/GBP pair.

EUR/GBP Technical Levels

At 0.7394, the immediate hurdle is at 0.74, followed by multiple resistance in the range of 0.7423-0.7443. A break above the same could trigger a violent spike to 0.7483 (May 7 high). On the downside, a break below the daily low at 0.7370 could push the pair down to 0.7350 (Oct 2 low).
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Source:: FX Street