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3 Mar 2015
EUR/GBP falls to 0.7260
FXStreet (Edinburgh) - EUR/GBP left the area of session highs around 0.7290 and is now dropping to test daily lows around 0.7265.
EUR/GBP lower on euro weakness
The cross continues to be mainly driven by the developments around the single currency, now fading yesterday’s spike to 0.7300 the figure and trading closer to multi-year lows in the vicinity of 0.7230.
Ahead in the week, the BoE and the ECB will hold their monetary policy meetings, although market consensus is not expecting major announcements from the central banks.
From a technical perspective, Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented, “The market will remain directly offered below the .7328 accelerated resistance line and will need to overcome this level to alleviate immediate downside pressure”.
EUR/GBP relevant levels
At the moment the cross is retreating 0.06% at 0.7272 with the immediate support at 0.7235 (2015 low Mar.2) followed by 0.7108 (monthly high Dec.2004) and then 0.7100 (psychological level). On the flip side, a break above 0.7301 (high Mar.2) would aim for 0.7321 (10-d MA) and finally 0.7326 (high Feb.26).
EUR/GBP lower on euro weakness
The cross continues to be mainly driven by the developments around the single currency, now fading yesterday’s spike to 0.7300 the figure and trading closer to multi-year lows in the vicinity of 0.7230.
Ahead in the week, the BoE and the ECB will hold their monetary policy meetings, although market consensus is not expecting major announcements from the central banks.
From a technical perspective, Karen Jones, Head of FICC Technical Analysis at Commerzbank, commented, “The market will remain directly offered below the .7328 accelerated resistance line and will need to overcome this level to alleviate immediate downside pressure”.
EUR/GBP relevant levels
At the moment the cross is retreating 0.06% at 0.7272 with the immediate support at 0.7235 (2015 low Mar.2) followed by 0.7108 (monthly high Dec.2004) and then 0.7100 (psychological level). On the flip side, a break above 0.7301 (high Mar.2) would aim for 0.7321 (10-d MA) and finally 0.7326 (high Feb.26).