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15 Dec 2014
EUR/GBP trades lower, ECB President Draghi’s comments eyed
FXStreet (Mumbai) - EUR/GBP trades lower today, extending losses from Asian session, as investors await a deluge of fresh data in the week ahead to gauge the moves in the currency pair.
Currently, the EUR/GBP pair is trading down at 0.7914 levels, almost unchanged from levels seen in the Asian session. The British pound remains elevated in absence of any economic data from the UK as markets await European Central Bank’s chief Draghi’s comments from Brussels today.
In the week ahead, traders will focus on Tuesday’s, Flash PMI readings from Euro nations which are expected to show modest improvement. However, a UK CPI reading later in Tuesday's session may lead to a stronger pound.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7943 (Dec 12 High) and above which it could extend gains to 0.7977 (Dec 1 High) levels. To the downside immediate support might be located at 0.7907 (100-day SMA) and below that at 0.7893 (200-day SMA) levels.
Currently, the EUR/GBP pair is trading down at 0.7914 levels, almost unchanged from levels seen in the Asian session. The British pound remains elevated in absence of any economic data from the UK as markets await European Central Bank’s chief Draghi’s comments from Brussels today.
In the week ahead, traders will focus on Tuesday’s, Flash PMI readings from Euro nations which are expected to show modest improvement. However, a UK CPI reading later in Tuesday's session may lead to a stronger pound.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7943 (Dec 12 High) and above which it could extend gains to 0.7977 (Dec 1 High) levels. To the downside immediate support might be located at 0.7907 (100-day SMA) and below that at 0.7893 (200-day SMA) levels.