12 Feb 2015
EUR/GBP retakes 0.7430
FXStreet (Edinburgh) - After dipping to 7-year lows in sub-.7400 levels on Wednesday, EUR/GBP managed to pick up pace and recover the 0.7400 handle and beyond.
EUR/GBP focus on Greece, BoE
While the developments from Greece will keep traders vigilant on one side, on the GBP-side of the equation the BoE will release its Quarterly Inflation Report later on today. Prior surveys expect the central bank to strike a not so dovish tone, which could reinforce the recent good performance of the pound and thus renewing the selling pressure on the cross.
EUR/GBP levels to consider
At the moment the cross is up 0.25% at 0.7428 and a surpass of 0.7459 (high Feb.9) would expose 0.7471 (10-d MA) and finally 0.7510 (high Feb.5). On the flip side, the immediate support lines up at 0.7385 (7-year low Feb.11) ahead of 0.7321 (monthly low Jan.2008) and then 0.7256 (61.8% of 0.5681-0.9805).
EUR/GBP focus on Greece, BoE
While the developments from Greece will keep traders vigilant on one side, on the GBP-side of the equation the BoE will release its Quarterly Inflation Report later on today. Prior surveys expect the central bank to strike a not so dovish tone, which could reinforce the recent good performance of the pound and thus renewing the selling pressure on the cross.
EUR/GBP levels to consider
At the moment the cross is up 0.25% at 0.7428 and a surpass of 0.7459 (high Feb.9) would expose 0.7471 (10-d MA) and finally 0.7510 (high Feb.5). On the flip side, the immediate support lines up at 0.7385 (7-year low Feb.11) ahead of 0.7321 (monthly low Jan.2008) and then 0.7256 (61.8% of 0.5681-0.9805).