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11 Dec 2015

EUR/GBP advances to 100-DMA in early trades

FXStreet (Mumbai) - The cross in the EUR/GBP found good support at 0.72 handle and takes on the recovery further into Europe, testing fresh session highs near 0.7230 region.

EUR/GBP rises on weaker GBP

Currently, the EUR/GBP pair trades 0.18% higher at 0.7229, trying hard to surpass key resistance zone place around 0.7230-35 band, where the hourly 100-SMA and 100-DMA intersect. The pound continues to remain undermined versus its European partner as markets continue to weigh BOE’s dovish minutes, which raised concerns over wage growth and the inflation outlook.

While the EUR/USD pair witnessed bounced-off the key support near 1.0925 region and reverted to the opening prices, aiding the recovery in the EUR/GBP cross.

Looking ahead, a set of German macro data – final CPI and WPI, and construction output data from the UK will keep the EUR, GBP traders busy in an otherwise data-thin European session.

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EUR/GBP Technical Levels

To the upside, the next resistance is located at 0.7251 (Dec 3 High), above which it could extend gains to 0.7268 (Dec 10 High). To the downside immediate support might be located at 0.7193 (200--DMA) below that at 0.7144 (50-DMA).
Dec 11, 2015

RBA cash rate likely to stay at 2% through 2016 - Westpac

Sean Callow, Research Analyst at Westpac, expects rates to be kept on hold at 2% through 2016 by RBA.
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Dec 11, 2015

US: Dovish hike attempt coming soon - ING

Rob Carnell Chief International Economist at ING, suggests that implied probabilities for a 25bp rate hike at the 16 December Federal Open Market Committee (FOMC) meeting have been creeping steadily higher and price in close to an 80% probability of a hike.
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