9 Jun 2015
EUR/GBP offered above 0.7380
FXStreet (Mumbai) - The EUR/GBP cross was offered above 0.7380 levels today, pushing it lower to 0.7366 levels, although the pair is still up 0.13% on the day.
Rejected at 0.7387
The pair ran into offers at a high of 0.7387 earlier today after the official data released in the UK showed a larger than expected drop in the trade deficit. Moreover, the area above 0.7380 has previously acted as a strong resistance on June 4, when the pair retreated from the high of 0.7384.
Ahead in the day, the cross could be influenced by the activity in the major pairs – EUR/USD and GBP/USD. The GBP could continue to outperform EUR on account a upbeat trade data released earlier today.
EUR/GBP Technical Levels
The immediate resistance is seen in the band of 0.7380-0.7390, above which the pair could target 0.7420. On the flip side, a break below 0.7350 could push the pair lower to 0.73.
Rejected at 0.7387
The pair ran into offers at a high of 0.7387 earlier today after the official data released in the UK showed a larger than expected drop in the trade deficit. Moreover, the area above 0.7380 has previously acted as a strong resistance on June 4, when the pair retreated from the high of 0.7384.
Ahead in the day, the cross could be influenced by the activity in the major pairs – EUR/USD and GBP/USD. The GBP could continue to outperform EUR on account a upbeat trade data released earlier today.
EUR/GBP Technical Levels
The immediate resistance is seen in the band of 0.7380-0.7390, above which the pair could target 0.7420. On the flip side, a break below 0.7350 could push the pair lower to 0.73.