25 Feb 2015
EUR/GBP rebounds from 0.7320
FXStreet (Edinburgh) - The sudden bout of buying interest around the single currency is allowing the rebound in EUR/GBP to the 0.7340 area.
EUR/GBP remains bearish
Despite occasional bullish attempts, the view on the cross remains negative. The broader bearish tone in the euro and the solid prospects for the sterling, including the likeliness of a rate hike by the BoE in early 2016 at the latest, are collaborating in the downside.
Not much in the data front today, although it seems interesting enough: UK Mortgage Approvals tracked by BBA (36.2K exp. in January) and another speech by ECB’s Mario Draghi.
EUR/GBP relevant levels
At the moment the cross is down 0.3% at 0.7336 with the next support at 0.7300 (psychological level) ahead of 0.7256 (61.8% of 0.5681-0.9805) and then 0.7200 (psychological level). On the other hand, a break above 0.7388 (10-d MA) would aim for 0.7404 (high Feb.23) and finally 0.7429 (high Feb.20).
EUR/GBP remains bearish
Despite occasional bullish attempts, the view on the cross remains negative. The broader bearish tone in the euro and the solid prospects for the sterling, including the likeliness of a rate hike by the BoE in early 2016 at the latest, are collaborating in the downside.
Not much in the data front today, although it seems interesting enough: UK Mortgage Approvals tracked by BBA (36.2K exp. in January) and another speech by ECB’s Mario Draghi.
EUR/GBP relevant levels
At the moment the cross is down 0.3% at 0.7336 with the next support at 0.7300 (psychological level) ahead of 0.7256 (61.8% of 0.5681-0.9805) and then 0.7200 (psychological level). On the other hand, a break above 0.7388 (10-d MA) would aim for 0.7404 (high Feb.23) and finally 0.7429 (high Feb.20).