24 Feb 2015
EUR/GBP recovers from 7-year lows
FXStreet (Mumbai) - The EUR/GBP pair recovered from the seven-year low of 0.7315 levels, as the shared currency stabilized on news that Greek bailout extension has been approved by Eurogroup, while the British Pound weakened tracking the fall in the UK Gilt yields.
EUR/GBP: Gains capped near 0.7350
The rebound from the 7-year low of 0.7315 halted near 0.7350 levels as markets stay cautious ahead of Federal Reserve Janet Yellen's testimony before the Senate Banking Committee. Moreover, the Eurozone data released earlier today showed the prices continued to deflate in January. Thus, the gains remain in the EUR remain capped due to the threat of deflation.
EUR/GBP Technical Levels
The pair has an immediate resistance at 0.7350, above which gains could be extended to 0.7380 levels. On the flip side, a break below 0.7315 could push the pair down towards 0.7105 levels.
EUR/GBP: Gains capped near 0.7350
The rebound from the 7-year low of 0.7315 halted near 0.7350 levels as markets stay cautious ahead of Federal Reserve Janet Yellen's testimony before the Senate Banking Committee. Moreover, the Eurozone data released earlier today showed the prices continued to deflate in January. Thus, the gains remain in the EUR remain capped due to the threat of deflation.
EUR/GBP Technical Levels
The pair has an immediate resistance at 0.7350, above which gains could be extended to 0.7380 levels. On the flip side, a break below 0.7315 could push the pair down towards 0.7105 levels.