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Market Analysis

Home » Featured » EURGBP Facing Major Resistance

EURGBP Facing Major Resistance

Posted by FXTimes in Featured - March 16th, 2016 12:41 pm GMT

euro

Key Points

  • Euro gained against the British Pound recently and traded towards a major resistance area of 0.7860-70.
  • There is a resistance trend line formed on the hourly chart of the EURGBP pair, which is acting as a major hurdle for an upside break.
  • Today, the UK Claimant Change released by the National Statistics posted a change of -18K, better than the forecast of -9K in Feb 2016.
  • UK ILO Unemployment Rate remained stable at 5.1% in Feb 2016.

Technical Analysis

The Euro continued to gain against the British Pound and traded above the 0.7840 resistance area. The EURGBP pair is currently trading near a resistance trend line formed on the hourly chart, which is acting as a hurdle for an upside move.

EURGBP

A break above the highlighted resistance area may call for more gains in the near term. The pair might even test the 0.7900 levels.

On the downside, there are many support area, and the most important one is the 100 hourly simple moving average.

UK Claimant Count Change

Today, the UK Claimant Count Change released, which presents the number of unemployment people was released by the National Statistics. The market was aligned for a change of -9K in Feb 2016, but the result was above the forecast. The UK Claimant Count Change posted a change of -18K. Moreover, the UK ILO Unemployment Rate remained stable at 5.1%.

The report added “There were 31.42 million people in work, 116,000 more than for August to October 2015 and 478,000 more than for a year earlier. There were 22.94 million people working full-time, 302,000 more than for a year earlier. There were 8.48 million people working part-time, 177,000 more than for a year earlier”.

Overall, the EURGBP pair needs to break the highlighted trend line and resistance area for an upside move.

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