1. Hello Guest Click here to check FX Binary Point Financial Directory

EUR/GBP supported near 0.70, Draghi eyed

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) - EUR/GBP is now looking to regain further ground after bottoming out in the boundaries of the critical support at 0.7000 in early trade.

    EUR/GBP focus on Draghi

    The European cross is trying to stabilize in the low-0.7000s after dropping to the 0.6980 area on Wednesday, all amidst a better tone around the single currency and a persistent sell-off around the US dollar.

    Data wise in Euroland, President M.Draghi will give a speech later in the session, followed by UK’s Public Sector Finance figures for the month of October.

    EUR/GBP important levels

    As of writing the cross is losing 0.11% at 0.7013 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).
    For more information, read our latest forex news.

Share This Page