10 Jun 2015
EUR/GBP: Double top at 0.7385?
FXStreet (Mumbai) - The EUR/GBP pair is inching lower in the Asian session, after facing rejection around 0.7385 levels in the previous session.
Double top on daily chart
The pair had faced rejection at 0.7385 last week post which it dipped to a low of 0.7264. However, the favorable German-UK yield spread earlier this week pushed the EUR/GBP pair back to a high of 0.7385 in the previous session. Consequently, we see a double top formation on the daily chart,given the pair has turned lower in the Asian session today.
Ahead in the day, the UK industrial production data could influence the pair. Meanwhile, the movement in the German yield could also affect the EUR/GBP pair.
EUR/GBP Technical Levels
The pair currently trades at 0.7330. The immediate resistance is seen at 0.7385-0.7387, above which gains could be extended to 0.7420. On the flip side, a break below 0.73 could push the pair lower to 0.7264.
Double top on daily chart
The pair had faced rejection at 0.7385 last week post which it dipped to a low of 0.7264. However, the favorable German-UK yield spread earlier this week pushed the EUR/GBP pair back to a high of 0.7385 in the previous session. Consequently, we see a double top formation on the daily chart,given the pair has turned lower in the Asian session today.
Ahead in the day, the UK industrial production data could influence the pair. Meanwhile, the movement in the German yield could also affect the EUR/GBP pair.
EUR/GBP Technical Levels
The pair currently trades at 0.7330. The immediate resistance is seen at 0.7385-0.7387, above which gains could be extended to 0.7420. On the flip side, a break below 0.73 could push the pair lower to 0.7264.