18 May 2015
EUR/GBP stuck around 0.7280
FXStreet (Mumbai) - The EUR/GBP ran into bids in the band of 0.7250-0.7260, although there are signs that the recovery has once again stalled around the intraday resistance located at 0.7280.
EUR/GBP: Stuck in a 30-pip range
The pair is largely stuck in a narrow range of 0.7280-0.7250 amid the absence of fresh fundamental cues across Europe. The Bundesbank report, which expressed optimism regarding consumption driven economic growth in Germany, did little to ensure the EUR/GBP breached the technical resistance around 0.7280.
Ahead in the data, a breach of the range on either side could lead to a chart driven move in the currency pair. However, the breakout may not happen as the US economic calendar is thin as well.
EUR/GBP Technical Levels
The pair currently trades at 0.7274. A break above 0.7280 could push the pair higher to 0.7310-20 levels. On the other hand, a break below 0.7250 could push the pair down to 0.7220 levels.
EUR/GBP: Stuck in a 30-pip range
The pair is largely stuck in a narrow range of 0.7280-0.7250 amid the absence of fresh fundamental cues across Europe. The Bundesbank report, which expressed optimism regarding consumption driven economic growth in Germany, did little to ensure the EUR/GBP breached the technical resistance around 0.7280.
Ahead in the data, a breach of the range on either side could lead to a chart driven move in the currency pair. However, the breakout may not happen as the US economic calendar is thin as well.
EUR/GBP Technical Levels
The pair currently trades at 0.7274. A break above 0.7280 could push the pair higher to 0.7310-20 levels. On the other hand, a break below 0.7250 could push the pair down to 0.7220 levels.