11 Feb 2015
EUR/GBP hits fresh Seven year low
FXStreet (Mumbai) - The EUR/GBP pair fell to a fresh seven year low of 0.7396 as markets believe no concrete deal shall be reached between Greece and its international creditors in the Eurogroup meeting scheduled today in Brussels.
Pair fell below 0.74
The pair fell below 0.74 levels for the first time since January 2008 as markets continue to prefer the British Pound over the Euro amid the increasing threat of Greek debt default. Moreover, a failure to reach a deal before Feb. 28th would mean that Greece would not receive the last EUR 1.8 billion loan installments.
Meanwhile, the British Pound has strengthened ahead of the Bank of England’s Quarterly Inflation Report scheduled for release tomorrow.
EUR/GBP Technical Levels
At the moment the pair is trading at 0.7391. The immediate support is seen at 0.7360, under which losses could be extended to 0.7214 (Nov 2007 high). Meanwhile, resistance is seen at 0.7459 (Feb. 9 high) and 0.7500 levels.
Pair fell below 0.74
The pair fell below 0.74 levels for the first time since January 2008 as markets continue to prefer the British Pound over the Euro amid the increasing threat of Greek debt default. Moreover, a failure to reach a deal before Feb. 28th would mean that Greece would not receive the last EUR 1.8 billion loan installments.
Meanwhile, the British Pound has strengthened ahead of the Bank of England’s Quarterly Inflation Report scheduled for release tomorrow.
EUR/GBP Technical Levels
At the moment the pair is trading at 0.7391. The immediate support is seen at 0.7360, under which losses could be extended to 0.7214 (Nov 2007 high). Meanwhile, resistance is seen at 0.7459 (Feb. 9 high) and 0.7500 levels.