19 Feb 2015
EUR/GBP: Minor recovery ahead of yearly lows
FXStreet (Guatemala) - EUR/GBP is currently trading at 0.7773 with a high of 0.7409 and a low of 0.7356.
EUR/GBP was heavily offered from just above the 0.74 handle in the early trade of London with the euro taking battering, perhaps long over due, given the uncertainty around the Greek crisis and now that Germany have declined their request for an extension on the basis that the letter of request did not meet the criteria agreed upon in the Eurogroup on Monday, traders are getting short the euro again. However, the early move came in a broad based dollar rally initially and was extended on the Greek news to fall just 8 pips short of the year lows at 0.7348. The pair has since started to stabilise on a minor recovery from the lows.
EUR/GBP is offered on the longer dated charts and the recent price activity takes it below the descending channel from 0.8000 and leaves a negative twist on the cross. Analysts at RBS said, "0.7152 attracts but not in a straight line."
EUR/GBP was heavily offered from just above the 0.74 handle in the early trade of London with the euro taking battering, perhaps long over due, given the uncertainty around the Greek crisis and now that Germany have declined their request for an extension on the basis that the letter of request did not meet the criteria agreed upon in the Eurogroup on Monday, traders are getting short the euro again. However, the early move came in a broad based dollar rally initially and was extended on the Greek news to fall just 8 pips short of the year lows at 0.7348. The pair has since started to stabilise on a minor recovery from the lows.
EUR/GBP is offered on the longer dated charts and the recent price activity takes it below the descending channel from 0.8000 and leaves a negative twist on the cross. Analysts at RBS said, "0.7152 attracts but not in a straight line."