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EUR/GBP keeps lows around 0.6990

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The bid tone around the pound is now picking up pace, dragging EUR/GBP to session lows in the 0.6990 area.

    EUR/GBP returns to sub-0.70

    The European cross is challenging recent multi-month troughs below the 0.7000 handle following an increasing buying interest in GBP, while the single currency keeps navigating in the red territory.

    Data wise in Euroland, President M.Draghi has emphasized the central bank’s commitment to lift the inflation in the region as soon as possible. Across the Channel UK’s Public Sector Net Borrowing came in at £7.47 billion in September.

    EUR/GBP important levels

    As of writing the cross is losing 0.45% at 0.6989 facing the next support at 0.6985 (low Nov.17) ahead of 0.6948 (low Aug.5) and then 0.6934 (2015 low Jul.17). On the upside, a surpass of 0.7049 (downtrend from 0.7496) would expose 0.7101 (23.6% Fibo of 0.7496-0.6979) and then 0.7198 (100-day sma).
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