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EUR/GBP hits 2-month lows as EUR plummets after FOMC statement

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 28, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Córdoba) - The euro dropped sharply in the market after the release of the FOMC staminate. The Federal Reserve left interest rate unchanged but the door open for a December liftoff. While GBP/USD tumbled from 1.5350 toward 1.5250, EUR/USD plummeted more than 150 pips, to 1.0900.

    EUR/GBP resumes the decline

    EUR/GBP was recovering from last week losses for the second day in a row and reached 0.7250. Before the Fed’s decision was trading at 0.7220 and then dropped sharply losing 75 pips, breaking below last week lows located at 0.7170. The pair bottomed at 0.7144, the weakest since August 20 and it was trading at 0.7150.

    EUR/GBP levels to watch

    To the upside, resistance levels might lie at 0.7165/70 (Oct 23 low), 0.7210 and 0.7250 (daily high). On the flip side, support could be seen at 0.7140/45 (daily low), 0.7115 and 0.7090 (Aug 2 low).
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