19 Jun 2015
EUR/GBP drops to 0.7150
FXStreet (Mumbai) - The common currency is being offered for the fourth consecutive session, taking the EUR/GBP lower to 0.7143 levels.
Greece issue weighs over the EUR
The deadlock between Greece and its international creditors persisted after the Eurogroup meeting on Thursday ended with no deal. Consequently, the offers on the EUR returned, pushing the pair lower from the high of 0.7198. The sell-off is being extended today as investors now fear Greek banks may not open for business on Monday.
The spot could continue to track overall market sentiment in the European session since the Euroland economic calendar does not offer any first tier economic data releases.
EUR/GBP Technical Levels
A break below the immediate support at 0.7115 (Apr. 23 low) could open doors for 0.7054 (May 27 low). On the flip side, a break above 0.7164 (hourly 50-MA), above which the pair could target 0.7189 (hourly 100-MA).
Greece issue weighs over the EUR
The deadlock between Greece and its international creditors persisted after the Eurogroup meeting on Thursday ended with no deal. Consequently, the offers on the EUR returned, pushing the pair lower from the high of 0.7198. The sell-off is being extended today as investors now fear Greek banks may not open for business on Monday.
The spot could continue to track overall market sentiment in the European session since the Euroland economic calendar does not offer any first tier economic data releases.
EUR/GBP Technical Levels
A break below the immediate support at 0.7115 (Apr. 23 low) could open doors for 0.7054 (May 27 low). On the flip side, a break above 0.7164 (hourly 50-MA), above which the pair could target 0.7189 (hourly 100-MA).