16 Jan 2015
EUR/GBP supported at 0.7600
FXStreet (Edinburgh) - After hitting fresh lows in the boundaries of 0.7600 the figure, EUR/GBP is now rebounding to the 0.7635/40 band.
EUR/GBP hurt by EUR weakness
The offered tone around the EUR has intensified after the SNB scrapped the minimum exchange rate on Thursday, helping the cross to accelerate its decline to levels last seen in March 2008 around 0.7610/00. In addition, the prospects of further pullbacks in the single currency as soon as next week, after the ECB – theoretically – announces its QE programme, leave the scenario pretty grim for the cross, at least in the near term.
According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, “The market will remain directly offered below the .7765/.7874 region. Note that .our longer term target is the .7445 43 year uptrend”.
EUR/GBP important levels
As of writing the pair is losing 0.19% at 0.7642 with the next support at 0.7596 (low Mar.10 2008) followed by 0.7535 (low Feb.27 2008) and finally 0.7516 (low Feb.26 2008). On the opposite side, the immediate up barrier aligns at 0.7747 (high Jan.15) ahead of 0.7774 (10-d MA) and then 0.7781 (high Jan.14).
EUR/GBP hurt by EUR weakness
The offered tone around the EUR has intensified after the SNB scrapped the minimum exchange rate on Thursday, helping the cross to accelerate its decline to levels last seen in March 2008 around 0.7610/00. In addition, the prospects of further pullbacks in the single currency as soon as next week, after the ECB – theoretically – announces its QE programme, leave the scenario pretty grim for the cross, at least in the near term.
According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, “The market will remain directly offered below the .7765/.7874 region. Note that .our longer term target is the .7445 43 year uptrend”.
EUR/GBP important levels
As of writing the pair is losing 0.19% at 0.7642 with the next support at 0.7596 (low Mar.10 2008) followed by 0.7535 (low Feb.27 2008) and finally 0.7516 (low Feb.26 2008). On the opposite side, the immediate up barrier aligns at 0.7747 (high Jan.15) ahead of 0.7774 (10-d MA) and then 0.7781 (high Jan.14).