FXStreet (Mumbai) – The bid tone on the EUR weakened again in the European session on Monday, pushing the EUR/GBP pair lower towards the 200-DMA located at 0.7323 levels.
EUR weakens as stocks rise
The upbeat Eurozone industrial production figures released today helped the European stock markets recover from moderate losses to trade in the positive territory. The pan-European Euro Stoxx 600 index strengthened 0.25%, thereby pushing the common currency lower.
The cross was rejected earlier today at a high of 0.7358 levels. The EUR has extended the pattern of weakness in the European session seen last week. Ahead in the day, the sentiment on the Wall Street could influence the EUR crosses.
EUR/GBP Technical Levels
The pair currently trades around 0.7330. The immediate support is located at 0.7323 (200-DMA), under which the losses could be extended to 0.73 levels. On the other side, resistance is located at 0.7358 (daily high) and 0.7394 (Sep 2 high).
(Market News Provided by FXstreet)