27 Feb 2015
EUR/GBP rebounds sharply from 7-yr lows, 0.7300 in sight
FXStreet (Mumbai) - EUR/GBP bounced-off fresh seven year lows and rebound sharply in the mid-European session largely on the back of the strength in the shared currency across the board.
EUR/GBP rises from 0.7264 levels
The EUR/GBP pair edged higher 0.25% at fresh session highs of 0.7288 levels, close to fresh session highs of 0.7293 posted some minutes ago. EUR/GBP advanced this session mainly as the US dollar was sold off against the euro, taking the shared currency higher versus the pound. While, the pound remain flattish versus the US dollar eyeing US GDP figures for fresh incentives.
Moreover, traders now focus on German CPI data due later in the day for further momentum on the cross.
At the moment, GBP/USD trades flat at 1.5400, while EUR/USD edges higher by 0.22% to trade at 1.1222 levels.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7340 (5-DMA) and above which it could extend gains to at 0.7367 (10-DMA) levels. To the downside immediate support might be located at 0.7300 and below that at 0.7280 (2007 Lows) levels.
EUR/GBP rises from 0.7264 levels
The EUR/GBP pair edged higher 0.25% at fresh session highs of 0.7288 levels, close to fresh session highs of 0.7293 posted some minutes ago. EUR/GBP advanced this session mainly as the US dollar was sold off against the euro, taking the shared currency higher versus the pound. While, the pound remain flattish versus the US dollar eyeing US GDP figures for fresh incentives.
Moreover, traders now focus on German CPI data due later in the day for further momentum on the cross.
At the moment, GBP/USD trades flat at 1.5400, while EUR/USD edges higher by 0.22% to trade at 1.1222 levels.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7340 (5-DMA) and above which it could extend gains to at 0.7367 (10-DMA) levels. To the downside immediate support might be located at 0.7300 and below that at 0.7280 (2007 Lows) levels.