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28 Aug 2015
EUR/GBP flips to gains beyond 0.7300
FXStreet (Mumbai) - The cross in the EUR/GBP wiped-out losses and pierced its way through 0.73 barrier in the European morning, having failed an earlier attempt to extend beyond the same, as fresh buying interest around the euro seems to push the pair higher.
EUR/GBP recovers from 0.7288 lows
Currently, the EUR/GBP pair rises 0.10% at fresh session highs of 0.7309, quickly bouncing-off lows struck at 0.7288 in early moves. The EUR/GBP cross erased losses and turned into the positive territory as the cable strength reduces while EUR/USD extends its correction further towards 1.1300 levels.
Meanwhile, markets now await the upcoming second official GDP estimate from the UK for further cures on the cross. The UK GDP second estimate is projected to show the UK economy grew at a rate of 0.7% between the first and second quarters.
EUR/GBP Technical Levels
To the upside, the next resistance is located at 0.7335 (Aug 27 High) levels and above which it could extend gains 0.7367 (Aug 26 High) levels. To the downside immediate support might be located at 0.7274 (Aug 27 Low) below that at 0.7256 (Aug 26 Low).
EUR/GBP recovers from 0.7288 lows
Currently, the EUR/GBP pair rises 0.10% at fresh session highs of 0.7309, quickly bouncing-off lows struck at 0.7288 in early moves. The EUR/GBP cross erased losses and turned into the positive territory as the cable strength reduces while EUR/USD extends its correction further towards 1.1300 levels.
Meanwhile, markets now await the upcoming second official GDP estimate from the UK for further cures on the cross. The UK GDP second estimate is projected to show the UK economy grew at a rate of 0.7% between the first and second quarters.
EUR/GBP Technical Levels
To the upside, the next resistance is located at 0.7335 (Aug 27 High) levels and above which it could extend gains 0.7367 (Aug 26 High) levels. To the downside immediate support might be located at 0.7274 (Aug 27 Low) below that at 0.7256 (Aug 26 Low).