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11 Mar 2015
EUR/GBP bounces off 0.7015
FXStreet (Edinburgh) - EUR/GBP is now regaining the mid-0.7000s following the bullish attempt in the single currency.
EUR/GBP remains in multi-year lows
The European cross keeps the area around levels last traded in 2007 near the 0.7000 handle, dragged lower by the increasing selling bias surrounding the euro and dovish appreciations by ECB’s M.Draghi during the morning in Euroland.
In the data space, industrial and manufacturing production in the UK economy failed to surprise markets on the upside, coming in below expectations during January, although the sterling remained largely unaffected.
EUR/GBP levels to consider
At the moment the cross is down 0.74% at 0.7046 with the next support at 0.7022 (monthly high Apr.2006) ahead of 0.7000 (psychological level). On the upside, a surpass of 0.7179 (high Mar.10) would aim for 0.7214 (10-d MA) and then 0.7220 (high Mar.9).
EUR/GBP remains in multi-year lows
The European cross keeps the area around levels last traded in 2007 near the 0.7000 handle, dragged lower by the increasing selling bias surrounding the euro and dovish appreciations by ECB’s M.Draghi during the morning in Euroland.
In the data space, industrial and manufacturing production in the UK economy failed to surprise markets on the upside, coming in below expectations during January, although the sterling remained largely unaffected.
EUR/GBP levels to consider
At the moment the cross is down 0.74% at 0.7046 with the next support at 0.7022 (monthly high Apr.2006) ahead of 0.7000 (psychological level). On the upside, a surpass of 0.7179 (high Mar.10) would aim for 0.7214 (10-d MA) and then 0.7220 (high Mar.9).