4 Aug 2015
EUR/GBP struggles around 0.7020
FXStreet (Edinburgh) - EUR/GBP continues to trade in a tight range during the first half of the week, currently meandering around 0.7020/25.
EUR/GBP keeps looking for direction
The cross remains in the low-0.7000s waiting for stronger catalysts to define a clearer direction. Ahead in the week, the pound will be in the centre of the debate as the BoE will publish its minutes, followed by the Quarterly Inflation Report and the speech by Governor M.Carney.
Market participants will scrutinize not only the releases but also Carney’s words, looking for any clue regarding the timing of a rate hike by the BoE (current expectations place a rate hike in Q1 2016), all in light of recent hawkish comments by BoE officials.
EUR/GBP key levels
At the moment the cross is losing 0.10% at 0.7018 facing the next support at 0.7003 (low Jul.31) ahead of 0.6989 (low Jul.23) and then 0.6963 (low Jul.22). On the flip side, a beak above 0.7098 (high Jul.31) would open the door to 0.7124 (high Jul.28) and finally 0.7160 (high Jul.27).
EUR/GBP keeps looking for direction
The cross remains in the low-0.7000s waiting for stronger catalysts to define a clearer direction. Ahead in the week, the pound will be in the centre of the debate as the BoE will publish its minutes, followed by the Quarterly Inflation Report and the speech by Governor M.Carney.
Market participants will scrutinize not only the releases but also Carney’s words, looking for any clue regarding the timing of a rate hike by the BoE (current expectations place a rate hike in Q1 2016), all in light of recent hawkish comments by BoE officials.
EUR/GBP key levels
At the moment the cross is losing 0.10% at 0.7018 facing the next support at 0.7003 (low Jul.31) ahead of 0.6989 (low Jul.23) and then 0.6963 (low Jul.22). On the flip side, a beak above 0.7098 (high Jul.31) would open the door to 0.7124 (high Jul.28) and finally 0.7160 (high Jul.27).