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Weidmann’s comments have little effect on EUR/GBP

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 10, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - ECB governing council member and Bundesbank’s chief Weidmann’s anti-QE comments did little to influence EUR/GBP which continues to hover around daily lows.

    Nears 0.71 handle

    The cross ran into offers at 0.7127 levels as the common currency failed to strengthen despite weakness in the European equity markets. Moreover, the EUR refuses to strengthen as the markets price-in the December Fed lift-off.

    The investors also ignored Weidmann, who did not offer any surprises and reiterated his anti-QE stance. Ahead in the day, the EUR has a slim chance of a rebound in case the risk aversion worsens.

    EUR/GBP Technical Levels

    The immediate resistance is located at 0.7117 (hourly 100-MA) and 0.7130 (hourly 50-MA & hourly 200-MA). On the lower side, 0.71 handle could offer support, under which the pair could test 0.7054 (July 6 low).
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