EUR/GBP: struggles to stay positive

By FXStreet FXStreet (Mumbai) – The EUR/GBP pair is now trades around 0.7185, as it works hard to stay positive after having faced offers at the high of 0.7211 levels.

GBP ignored weak data

Sterling remains on a positive footing as a weaker-than –expected UK CBI Trends Total Orders figure was ignored by the traders. Meanwhile, the bid tone on the EUR failed to gather pace despite the moderate losses in the European stocks.

Next on the cards is the US housing data. The EUR traders would keep an eye on the Wall Street for signs of major shift in the sentiment following Friday’s China’s rate cut-driven rally.

EUR/GBP Technical Levels

The immediate resistance is seen at 0.7201 (hourly 50-MA) and 0.7209 (100-DMA), above which the pair could make a run at 0.7250 (200-DMA). On the other side, support is seen at 0.7168 (Friday’s low) and 0.71 handle.
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Source:: FX Street