5 Mar 2015
EUR/GBP keeps lows around 0.7240
FXStreet (Edinburgh) - The sell off continues in EUR/GBP following the increased offered tone in both the sterling and the euro, currently hovering over 0.7240.
EUR/GBP eyes on BoE, ECB
The cross is extending the weekly decline, down from Monday’s tops in the 0.7300 neighbourhood. Ahead in the session, the BoE and ECB will hold their monetary policy meetings although market consensus is not waiting for any major announcement.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted “The market will remain directly offered below the .7299 accelerated resistance line and will need to overcome this level to alleviate immediate downside pressure”.
EUR/GBP key levels
At the moment the cross is losing 0.14% at 0.7245 with the next support at 0.7300 (psychological level) ahead of 0.7108 (high Dec.2004) and then 0.7022 (high Apr.2006). On the upside, the initial hurdle lines up at 0.7280 (hourly high Mar.4) followed by 0.7289 (high Mar.3) and finally 0.7301 (high Mar.2).
EUR/GBP eyes on BoE, ECB
The cross is extending the weekly decline, down from Monday’s tops in the 0.7300 neighbourhood. Ahead in the session, the BoE and ECB will hold their monetary policy meetings although market consensus is not waiting for any major announcement.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, noted “The market will remain directly offered below the .7299 accelerated resistance line and will need to overcome this level to alleviate immediate downside pressure”.
EUR/GBP key levels
At the moment the cross is losing 0.14% at 0.7245 with the next support at 0.7300 (psychological level) ahead of 0.7108 (high Dec.2004) and then 0.7022 (high Apr.2006). On the upside, the initial hurdle lines up at 0.7280 (hourly high Mar.4) followed by 0.7289 (high Mar.3) and finally 0.7301 (high Mar.2).