EURGBP Lower on Weak German Factory Orders

EURGBP trading 0.20% higher at 0.8914 as the pair continues the rebound from 4-month lows. The common currency is under pressure today as macro data continue to disappoint, the Eurozone Sentix Investor Confidence came in -16.8 in Oct, below forecasts while the Germany August factory orders came in at -0.6% also below expectations of -0.3%.

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EURGBP Support and Resistance

EURGBP positive short term momentum continues as the pair holds above the critical 200-day moving average. Bears are in control for the longer term as the pair trading below the 50 and 100-day moving averages. On the upside immediate resistance stands at 0.8922 today’s high, while a break above will open the way for a move up to 0.8972 the 100-day moving average. For those looking to buy the pair, an entry point can be when the pair breaks convincingly above the 0.8922 daily top.

On the downside, first support stands at 0.89 today’s low, then at 0.8829 the 200-day moving average, while next support level is defined at 0.8784 the low from September 20. Investors holding short positions can sit comfortably as long as the pair trades below 0.8950. Brexit developments will be the key driver for the pair in the upcoming sessions.Download our latest quarterly market outlook for our longer-term trade ideas.

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