25 May 2015
EUR/GBP off fresh 10-week lows, near 0.7090
FXStreet (Mumbai) - EUR/GBP recovered from fresh ten week lows, albeit remains deep in red below 0.71 handle during a calm European session, largely as the shared currency remains undermined across the board as Greece default fears heightened after Greek interior ministers’ announcement on Sunday.
EUR/GBP pressured by weaker EUR
Currently, the EUR/GBP cross trades -0.34% lower at 0.7086, having previously posted fresh two month lows at 0.7074. The cross in EUR/GBP keep losses as the shared currency was broadly sold-off amid renewed political uncertainty; combined with Grexit fears.
Moreover, capital outflow from the euro zone continues and is putting further pressure on the single currency.
On the other , sterling trades slightly lower amid broad USD strength while GBP traders now await UK GDP on Thursday, the second estimate, which is expected to mildly improve from the first estimate and print 0.4% quarter-on-quarter.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7100 and above which it could extend gains to at 0.7116 (May 24 High) levels. To the downside immediate support might be located at 0.7030 (March 12 Low) levels below that at 0.7011 (March 11 Low) levels.
EUR/GBP pressured by weaker EUR
Currently, the EUR/GBP cross trades -0.34% lower at 0.7086, having previously posted fresh two month lows at 0.7074. The cross in EUR/GBP keep losses as the shared currency was broadly sold-off amid renewed political uncertainty; combined with Grexit fears.
Moreover, capital outflow from the euro zone continues and is putting further pressure on the single currency.
On the other , sterling trades slightly lower amid broad USD strength while GBP traders now await UK GDP on Thursday, the second estimate, which is expected to mildly improve from the first estimate and print 0.4% quarter-on-quarter.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7100 and above which it could extend gains to at 0.7116 (May 24 High) levels. To the downside immediate support might be located at 0.7030 (March 12 Low) levels below that at 0.7011 (March 11 Low) levels.