FXStreet (Mumbai) – The buying interest in the single currency spiked, taking the EUR/GBP pair to a session high of 0.7342 as the stock markets across the Europe erased gains and fell into losses.
Upside capped at hourly 50-MA
The cross failed to sustain above its hourly 50-MA located at 0.7339, but still remains on a positive footing, tracking losses in the European equities. The pan-European Euro Stoxx 600 index dropped more than 0.7%.
The immediate focus in now on whether the BOE’s Carney throws light on the timing of the interest rate hike at his testimony before the lawmakers.
EUR/GBP Technical Levels
At 0.7335, the immediate resistance is located at 0.7339 (hourly 50-MA), followed by a hurdle at 0.7363 (hourly 100-MA). On the other side, support is seen at 0.7313 and 0.7307 (50-DMA), under which the cross could target 0.7259 (200-DMA).
(Market News Provided by FXstreet)