9 Mar 2015
EUR/GBP extends gains beyond 0.7200
FXStreet (Mumbai) - EUR/GBP advanced to fresh session highs in the European morning and remained well bid above 0.72 mark largely on the back of renewed strength seen in the shared currency.
EUR/GBP climbs from 0.7202 levels
The EUR/GBP pair trades higher by 0.11% around 0.7212 levels, retreating from fresh highs at 0.7219 levels. EUR/GBP continues its recovery mode and remains elevated mainly driven by gains in the euro against the US dollar after the greenback lost ground across the board. At the same time, a firming British pound against the US dollar limits the upside momentum in EUR/GBP.
Meanwhile, traders now focus on Euro group meeting in Brussels later today as the ECB QE is set to begin today amid Greek talks, for further moves on the cross.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7250 and above which it could extend gains to at 0.7285 levels. To the downside immediate support might be located at 0.7190 and below that at 0.7177 levels.
EUR/GBP climbs from 0.7202 levels
The EUR/GBP pair trades higher by 0.11% around 0.7212 levels, retreating from fresh highs at 0.7219 levels. EUR/GBP continues its recovery mode and remains elevated mainly driven by gains in the euro against the US dollar after the greenback lost ground across the board. At the same time, a firming British pound against the US dollar limits the upside momentum in EUR/GBP.
Meanwhile, traders now focus on Euro group meeting in Brussels later today as the ECB QE is set to begin today amid Greek talks, for further moves on the cross.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7250 and above which it could extend gains to at 0.7285 levels. To the downside immediate support might be located at 0.7190 and below that at 0.7177 levels.