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EUR/GBP flirting with lows near 0.7320

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 20, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Edinburgh) - EUR/GBP is trading in a tight range at the end of the Asian session on Tuesday, looking to stabilize in the low-0.7300s after yesterday’s abrupt drop.

    EUR/GBP attention to Carney, ECB

    The European cross remains at the mercy of the risk appetite trends during the first half of the week and extending the downside after last week’s rejection from the critical barrier at 0.7500 the figure.

    A softer tone in the single currency stays as the main drag for the cross as market participants remain cautious ahead of the key ECB meeting on Thursday. Absent relevant releases in Euroland today, the speech by BoE’s M.Carney will take centre stage during this morning.

    EUR/GBP relevant levels

    As of writing the cross down 0.07% at 0.7319 with the next support at 0.7303 (uptrend from August low) followed by 0.7279 (61.8% Fibo of 0.6936-0.7492) and then 0.7196 (monthly low Sep.22). On the other hand, a surpass of 0.7483 (downtrend from December’14) would expose 0.7492 (high Oct.13) and finally 0.7600 (psychological mark).
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