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10 Dec 2014
EUR/GBP pair stuck at 50-DMA
FXStreet (Mumbai) - The gains in the EUR/GBP pair were capped at the 50-DMA located at 0.7899 levels after the French Industrial production contracted in October.
The EUR/GBP pair currently trades 0.05% lower at 0.7892 levels, compared to the previous session’s close of 0.7896. The single current erased early gains to trade below the 50-DMA after the data in France showed industrial activity fell in October as the production of energy, agricultural and food products declined on the month. The output contracted fell 0.8% in October compared with expectation of 0.2% expansion.
Meanwhile, the British Pound is trading strong ahead of the UK balance of trade data which is expected to show the trade deficit declined in October.
EUR/GBP Technical Levels
The pair has an immediate support located at 0.7891 (5-DMA), under which losses could be extended to 0.7874 levels. Meanwhile, resistance is seen at 0.7899 (50-DMA) and 0.7917 (100-DMA).
The EUR/GBP pair currently trades 0.05% lower at 0.7892 levels, compared to the previous session’s close of 0.7896. The single current erased early gains to trade below the 50-DMA after the data in France showed industrial activity fell in October as the production of energy, agricultural and food products declined on the month. The output contracted fell 0.8% in October compared with expectation of 0.2% expansion.
Meanwhile, the British Pound is trading strong ahead of the UK balance of trade data which is expected to show the trade deficit declined in October.
EUR/GBP Technical Levels
The pair has an immediate support located at 0.7891 (5-DMA), under which losses could be extended to 0.7874 levels. Meanwhile, resistance is seen at 0.7899 (50-DMA) and 0.7917 (100-DMA).