13 May 2015
EUR/GBP bounces off 0.7120
FXStreet (Edinburgh) - EUR/GBP is now regaining the 0.7160 area after posting intraday troughs in the 0.7120 area.
EUR/GBP weaker on mixed euro and pound
The disappointing preliminary results from the GDP figures in both Germany and the euro area during the first quarter dragged the European cross lower, although a subsequent dovish tone from the BoE’s Quarterly Inflation Report weighed on the pound and sparked the current rebound to the 0.7160.65 band.
Ahead in the session, the ECB will publish its Monetary Policy Meetings Accounts, although the consensus amongst traders expects no major surprises.
EUR/GBP relevant levels
At the moment the cross is up 0.10% at 0.7163 and a break above 0.7186 (high May 13) followed by 0.7200 (psychological level) and then 0.7257 (high May 11). On the downside, the immediate support lies at 0.7123 (low May 13) followed by 0.7118 (low Apr.23) and then 0.7100 (psychological level).
EUR/GBP weaker on mixed euro and pound
The disappointing preliminary results from the GDP figures in both Germany and the euro area during the first quarter dragged the European cross lower, although a subsequent dovish tone from the BoE’s Quarterly Inflation Report weighed on the pound and sparked the current rebound to the 0.7160.65 band.
Ahead in the session, the ECB will publish its Monetary Policy Meetings Accounts, although the consensus amongst traders expects no major surprises.
EUR/GBP relevant levels
At the moment the cross is up 0.10% at 0.7163 and a break above 0.7186 (high May 13) followed by 0.7200 (psychological level) and then 0.7257 (high May 11). On the downside, the immediate support lies at 0.7123 (low May 13) followed by 0.7118 (low Apr.23) and then 0.7100 (psychological level).