6 Jul 2015
EUR/GBP: Greek referendum keeps pressures on downside
FXStreet (Guatemala) - EUR/GBP is currently trading at 0.7095 with a high of 0.7122 and a low of 0.7053.
EUR/GBP remains heavy and back below the opening bearish gap while the euro 's recovery lacks momentum and sterling consolidates on the 1.56 handle.
EUR/GBP fundamentals and Greek referendum aftermath
The euro is supported on the basis that EU leaders and IMF's Largarde, are trying to avoid a Grexit The public of Greece voted 'No' to Greece's creditor's conditions and now we will wait and see if a deal can be arranged based on Greec's new proposals. But downside is exposed in the cross on risk off play around the possibility of a Grexit.
Today, Yanis Varoufakis has resigned to allow for the new finance minister, Euclid Tsaklotos, to take his position at these new stages of negotiations. Meanwhile, EU's Dombrovskis has said that the No vote will have increased the gap between Athens and its creditors. Merkel and Tsipras have reached an agreement where Greece can present their new proposals to her tomorrow the summit that is scheduled to take place between the creditors tomorrow as well. Banks in Greece stay closed until Thursday while the ECB stated that Greece should be able to manage until Wednesday without additional funding.
EUR/GBP technically
The may lows are the support in the immediate term where the bearish gap tested on the open this week in Asia, down at 0.7057. Karen Jones, chief analyst at Commerzbank noted and explained the implications of recent price activity when EUR/GBP recently charted a key day reversal from the base of the .6985 6 year down channel. "This was our medium downside target."
EUR/GBP remains heavy and back below the opening bearish gap while the euro 's recovery lacks momentum and sterling consolidates on the 1.56 handle.
EUR/GBP fundamentals and Greek referendum aftermath
The euro is supported on the basis that EU leaders and IMF's Largarde, are trying to avoid a Grexit The public of Greece voted 'No' to Greece's creditor's conditions and now we will wait and see if a deal can be arranged based on Greec's new proposals. But downside is exposed in the cross on risk off play around the possibility of a Grexit.
Today, Yanis Varoufakis has resigned to allow for the new finance minister, Euclid Tsaklotos, to take his position at these new stages of negotiations. Meanwhile, EU's Dombrovskis has said that the No vote will have increased the gap between Athens and its creditors. Merkel and Tsipras have reached an agreement where Greece can present their new proposals to her tomorrow the summit that is scheduled to take place between the creditors tomorrow as well. Banks in Greece stay closed until Thursday while the ECB stated that Greece should be able to manage until Wednesday without additional funding.
EUR/GBP technically
The may lows are the support in the immediate term where the bearish gap tested on the open this week in Asia, down at 0.7057. Karen Jones, chief analyst at Commerzbank noted and explained the implications of recent price activity when EUR/GBP recently charted a key day reversal from the base of the .6985 6 year down channel. "This was our medium downside target."