FXStreet (Mumbai) – The cross in the EUR/GBP extends its upbeat momentum for the sixth consecutive session on Wednesday, and heads for a test of 0.74 barrier.
EUR/GBP trades below daily pivot
Currently, the EUR/GBP pair trades modestly flat at 0.7375, having posted fresh session highs of 0.7385 some minutes ago. The cross remains firmer this session as the common currency finds some support from the falling European stocks and therefore, from the resultant risk-off market profile.
On the other side, the GBP/USD halted its recovery and now hovers above 1.48 handle as markets paid little heed to the reports of rising house prices in the UK. Meanwhile, the cross is expected to remain underpinned on the back of a relatively weaker GBP amid light trading.
EUR/GBP Technical Levels
To the upside, the next resistance is located at 0.7402/16 (daily R1/Dec 22 High), above which it could extend gains to 0.7450 (psychological levels). To the downside immediate support might be located at 0.7352 (10–DMA) below that at 0.7304 (20-DMA).
(Market News Provided by FXstreet)