7 Nov 2013
EUR/GBP hits 2013 lows post ECB
FXstreet.com (Edinburgh) -The EUR/GBP dipped to the vicinity of 0.8300 the figure on Thursday, after the ECB delivered a 25 bp rate cut.
EUR/GBP in ytd lows near 0.8300
The cross is currently navigating around 0.8315/20, gaining some pips after posting fresh 2013 lows in the boundaries of 0.8300 the figure. The ECB acted against the broader consensus, cutting its lending benchmark by 25 bps to a record low at 0.25% while market participants are now expecting Draghi’s press conference for further details on the decision.
EUR/GBP levels to watch
The cross is now losing 1.03% at 0.8323 with the next support at the psychological level at 0.8300. On the upside, a break above 0.8428 (23.65 of 0.8585-0.8379) would open the door to 0.8445 (low Nov.1) and then 0.8457 (38.2% of 0.8585-08379).
EUR/GBP in ytd lows near 0.8300
The cross is currently navigating around 0.8315/20, gaining some pips after posting fresh 2013 lows in the boundaries of 0.8300 the figure. The ECB acted against the broader consensus, cutting its lending benchmark by 25 bps to a record low at 0.25% while market participants are now expecting Draghi’s press conference for further details on the decision.
EUR/GBP levels to watch
The cross is now losing 1.03% at 0.8323 with the next support at the psychological level at 0.8300. On the upside, a break above 0.8428 (23.65 of 0.8585-0.8379) would open the door to 0.8445 (low Nov.1) and then 0.8457 (38.2% of 0.8585-08379).