19 Aug 2015
EUR/GBP testing highs near 0.7070
FXStreet (Edinburgh) - The better tone in the single currency is lifting EUR/GBP to daily highs near 0.7070 on Wednesday.
EUR/GBP attention to German vote, FOMC minutes
The European cross has regained some ground lost after yesterday’s sharp sell off. Higher-than-expected consumer prices in the UK economy during July have boosted the sterling on Tuesday and dragged the cross to the 0.7020 area.
Ahead in the session, there are no scheduled releases in the UK and only second-tier publications in Euroland. However, the Bundestag is due to vote on the Greek third bailout package, grabbing investors’ attention. Later on, the FOMC minutes will take centre stage, as market participants will look for any clues regarding the probable timing of a Fed’s lift-off.
EUR/GBP key levels
At the moment the cross is advancing 0.30% at 0.7060 and a breakout of 0.7117 (high Aug.11) would open the door to 0.7170 (high Aug.12) and finally 0.7202 (high Jul.13). On the other hand, the initial support lines up at 0.7026 (low Aug.19) followed by 0.7016 (low Aug.7) and then 0.6951 (low Aug.5).
EUR/GBP attention to German vote, FOMC minutes
The European cross has regained some ground lost after yesterday’s sharp sell off. Higher-than-expected consumer prices in the UK economy during July have boosted the sterling on Tuesday and dragged the cross to the 0.7020 area.
Ahead in the session, there are no scheduled releases in the UK and only second-tier publications in Euroland. However, the Bundestag is due to vote on the Greek third bailout package, grabbing investors’ attention. Later on, the FOMC minutes will take centre stage, as market participants will look for any clues regarding the probable timing of a Fed’s lift-off.
EUR/GBP key levels
At the moment the cross is advancing 0.30% at 0.7060 and a breakout of 0.7117 (high Aug.11) would open the door to 0.7170 (high Aug.12) and finally 0.7202 (high Jul.13). On the other hand, the initial support lines up at 0.7026 (low Aug.19) followed by 0.7016 (low Aug.7) and then 0.6951 (low Aug.5).