6 Mar 2015
EUR/GBP grinding lower to 0.7230
FXStreet (Edinburgh) - The demand for the single currency remains subdued on Friday, now dragging EUR/GBP to test daily lows around 0.7230.
EUR/GBP in multi-year lows
The European cross keeps the area of multi-year troughs in the lower band of the 0.7200 level so far, with the increasing bearish tone around the shared currency as the main force driving the price action.
In the data front, German the Industrial Production expanded at a seasonally adjusted 0.6% MoM during January, beating estimates albeit lower than the 1.0% advance registered in the previous month.
EUR/GBP key levels
At the moment the cross is losing 0.17% at 0.7228 with the next support at 0.7220 (2015 low Mar.5) ahead of 0.7200 (psychological level) and finally 0.7108 (monthly high Dec.2004). On the upside, a breakout of 0.7252 (hourly high Mar.5) would expose 0.7289 (high Mar.3) and then 0.7293 (10-d MA).
EUR/GBP in multi-year lows
The European cross keeps the area of multi-year troughs in the lower band of the 0.7200 level so far, with the increasing bearish tone around the shared currency as the main force driving the price action.
In the data front, German the Industrial Production expanded at a seasonally adjusted 0.6% MoM during January, beating estimates albeit lower than the 1.0% advance registered in the previous month.
EUR/GBP key levels
At the moment the cross is losing 0.17% at 0.7228 with the next support at 0.7220 (2015 low Mar.5) ahead of 0.7200 (psychological level) and finally 0.7108 (monthly high Dec.2004). On the upside, a breakout of 0.7252 (hourly high Mar.5) would expose 0.7289 (high Mar.3) and then 0.7293 (10-d MA).