9 Jul 2015
EUR/GBP stabilizes around 0.7175
FXStreet (Mumbai) - EUR/GBP remains heavy in the European morning, unable to hold gains above 0.72 handle and moved back to the 0.7175 area, as the weakness in the shared currency continues to keep the cross pressured.
EUR/GBP drops from 0.7223
Currently, the EUR/GBP pair trades -0.54% lower at 0.7173, meandering near lows posted at 0.7169 last hours. The cross in EUR/GBP keeps the offered tone after the single currency ran through fresh buyers versus sterling near 0.7220 levels as markets remain little affected by Greece and the euro trades mostly the yield differential between US and German bonds.
While, on the other hand broad sterling strength also keeps the cross undermined as the GBP/USD rises ahead of the Bank of England's (BOE) monetary decision due later in the session.
EUR/GBP Technical Levels
To the upside, the next resistance is located at 0.7200 levels and above which it could extend gains 0.7223 (Today’s High) levels. To the downside immediate support might be located at 0.7112 (July 8 Low) below that at 0.7056 (July 5 Low) levels.
EUR/GBP drops from 0.7223
Currently, the EUR/GBP pair trades -0.54% lower at 0.7173, meandering near lows posted at 0.7169 last hours. The cross in EUR/GBP keeps the offered tone after the single currency ran through fresh buyers versus sterling near 0.7220 levels as markets remain little affected by Greece and the euro trades mostly the yield differential between US and German bonds.
While, on the other hand broad sterling strength also keeps the cross undermined as the GBP/USD rises ahead of the Bank of England's (BOE) monetary decision due later in the session.
EUR/GBP Technical Levels
To the upside, the next resistance is located at 0.7200 levels and above which it could extend gains 0.7223 (Today’s High) levels. To the downside immediate support might be located at 0.7112 (July 8 Low) below that at 0.7056 (July 5 Low) levels.