EUR/GBP in the Red, Holds Above Monday’s Low
The pound remains better bid versus its European counterpart in the early dealings, keeping EUR/GBP under pressure near 0.7770 region.
EUR/GBP mires near six-week lows
Currently,
the EUR/GBP pair trades 0.08% lower at 0.7773, retreating slightly from
fresh session lows of 0.7766 reached in the last hour. After a flat
close in the previous session, the EUR/GBP came under renewed selling
pressure this Tuesday, on the back of a broadly stronger pound amid
growing support for the ‘remain’ camp with regard to EU referendum.
While
the EUR/USD pair wavers between gains and losses, unable to find a
clear direction, as traders remain on the back foot ahead of the crucial
central bank events due later this week – FOMC and BOJ policy outcomes.
In the meantime, focus remains on the US durable goods and UK prelim
GDP data for fresh impetus on the cross.
EUR/GBP Technical Levels
To
the upside, the next resistance is located at 0.7800/02 (round figure/
5-DMA), above which it could extend gains to 0.7839/62 (1h 100-SMA/
10-DMA). To the downside immediate support might be located at 0.7750
(daily S1) below that at 0.7732/00 (Mar 14 Low/ round number).
