19 Feb 2015
EUR/GBP jumps to fresh highs above 0.7400
FXStreet (Mumbai) - EUR/GBP bounced-off lows and climbed higher in the European session, largely on Euro strength as traders gear up for the first ECB meeting accounts (minutes) to be published later today.
EUR/GBP rises from 0.7387 levels
The EUR/GBP pair trades 0.32% higher at 0.7406 levels, close to fresh session highs of 0.7409 levels reached some minutes ago. EUR/GBP edged higher mainly due the strength in the shared currency versus the US dollar on the back of a rather dovish tone of the Fed's meeting minutes, which hurt the greenback across the board. On the GBP-side of the equation, the pound remains supported ahead of UK’s CBI Industrial Order Expectations due later in the session.
Meanwhile, a generalized weakness in the greenback is likely to remain supportive for the EUR/GBP as the shared currency seems to outperform the sterling against the US dollar.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7441 and above which it could extend gains to at 0.7460 levels. To the downside immediate support might be located at 0.7382 and below that at 0.7335 levels.
EUR/GBP rises from 0.7387 levels
The EUR/GBP pair trades 0.32% higher at 0.7406 levels, close to fresh session highs of 0.7409 levels reached some minutes ago. EUR/GBP edged higher mainly due the strength in the shared currency versus the US dollar on the back of a rather dovish tone of the Fed's meeting minutes, which hurt the greenback across the board. On the GBP-side of the equation, the pound remains supported ahead of UK’s CBI Industrial Order Expectations due later in the session.
Meanwhile, a generalized weakness in the greenback is likely to remain supportive for the EUR/GBP as the shared currency seems to outperform the sterling against the US dollar.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7441 and above which it could extend gains to at 0.7460 levels. To the downside immediate support might be located at 0.7382 and below that at 0.7335 levels.