16 Jun 2015
EUR/GBP below 0.7200 and bears well in control
FXStreet (Guatemala) - EUR/GBP is currently trading at 0.7195 with a high of 0.7251 and low of 0.7174.
EUR/GBP price action
EUR/GBP has been an active cross with an initial bid from the get go and finding supply in a chop and a battle between bears and bulls. The bears finally got the upper hand and smashed the cross down through the 0.7220 support until 0.7174 where the bulls managed, on two attempts, to challenge the resistance of the 0.72 handle.
EUR/GBP fundamentals
Fundamentally, the cross has been traded around a huge amount of news from the EZ. The data was neither favourable to the UK nor the EZ with a lack of numbers printing in the green, with inflationary numbers missing expectations for both economies and German ZEW below consensus also. Overall, the cross is under the hand of the ECB's continuation of the asset purchasing programme and the on going uncertainty around Greece. Next up, we have the BoE this week.
EUR/GBP technically bearish
Technically, having eroded the 55 day ma at 0.7238 last week and now through the 0.72 handle testing 0.7180 support, we are in line for 0.7127/23 (Fibo + 22nd April low) on further downside pressures.
EUR/GBP price action
EUR/GBP has been an active cross with an initial bid from the get go and finding supply in a chop and a battle between bears and bulls. The bears finally got the upper hand and smashed the cross down through the 0.7220 support until 0.7174 where the bulls managed, on two attempts, to challenge the resistance of the 0.72 handle.
EUR/GBP fundamentals
Fundamentally, the cross has been traded around a huge amount of news from the EZ. The data was neither favourable to the UK nor the EZ with a lack of numbers printing in the green, with inflationary numbers missing expectations for both economies and German ZEW below consensus also. Overall, the cross is under the hand of the ECB's continuation of the asset purchasing programme and the on going uncertainty around Greece. Next up, we have the BoE this week.
EUR/GBP technically bearish
Technically, having eroded the 55 day ma at 0.7238 last week and now through the 0.72 handle testing 0.7180 support, we are in line for 0.7127/23 (Fibo + 22nd April low) on further downside pressures.