EUR/GBP weaker, slumps to 0.7030

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 25, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The increasing offered tone around the single currency has dragged EUR/GBP to fresh daily lows in the vicinity of 0.7030.

    EUR/GBP lower on ECB rumours

    The selling pressure around the European cross has intensified following comments by ECB’s V.Constancio, who stressed that any decision on QE will be ‘data-dependant’. It is worth noting that President Draghi have stressed in past days that the monetary stance in the region will be re-evaluated at the December meeting.

    On the data front, UK’s BBA Mortgage Approvals have come in below estimates, while the centre of attention will be in the US economy, with Durable Goods Orders and Personal Income/Spending in the spotlight.

    EUR/GBP important levels

    As of writing the cross is down 0.29% at 0.7039 and a break below 0.6985 (low Nov.17) would open the door to 0.6948 (low Aug.5) and then 0.6934 (2015 low Jul.17). On the flip side, the next hurdle lines up at 0.7101 (23.6% Fibo of 0.7496-0.6979) ahead of 0.7196 (100-day sma) and finally 0.7210 (200-day sma).
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