11 Feb 2015
EUR/GBP: Back off the 5-year down channel at 0.7386
FXStreet (Guatemala) - EUR/GBP is currently trading 0.7412 at time of writing with a high of 0.7428 and a low of 0.7385.
EUR/GBP is currently bid and off the lows scored earlier in Europe with technical trading in GBP/JPY and GBP/CAD taking the crosses to the upside and EUR/GBP down to the 5-year down channel at 0.7386.
Meanwhile, Eurogroup talks in Brussels are now underway having started at 16.30 GMT today. The statement of this emergency meeting between EZ finance ministers and Greece's finance minister will come out at 19.00 GMT. The greenback has been surging across the board and took the pound down from 1.5300 to 1.5220 so far, and this has fed through to the cross with the euro holding up despite the on going tensions over Ukraine and Greece.
Karen Jones, chief analyst at Commerzbank explained that below 0.7385 would introduce scope to 0.7370 the 200 month ma then 0.7235/25 an inter-year pivot. "The market will remain directly offered below the 0.7713/67 region (October 2014 low). Key resistance remains the 0.7914 2013-2015 downtrend."
EUR/GBP is currently bid and off the lows scored earlier in Europe with technical trading in GBP/JPY and GBP/CAD taking the crosses to the upside and EUR/GBP down to the 5-year down channel at 0.7386.
Meanwhile, Eurogroup talks in Brussels are now underway having started at 16.30 GMT today. The statement of this emergency meeting between EZ finance ministers and Greece's finance minister will come out at 19.00 GMT. The greenback has been surging across the board and took the pound down from 1.5300 to 1.5220 so far, and this has fed through to the cross with the euro holding up despite the on going tensions over Ukraine and Greece.
Karen Jones, chief analyst at Commerzbank explained that below 0.7385 would introduce scope to 0.7370 the 200 month ma then 0.7235/25 an inter-year pivot. "The market will remain directly offered below the 0.7713/67 region (October 2014 low). Key resistance remains the 0.7914 2013-2015 downtrend."