7 Jul 2015
EUR/GBP: Greece debacle leaves cross mixed
FXStreet (Guatemala) - EUR/GBP is currently trading a 0.7100 with a high of 0.7107 and a low of 0.7058.
EUR/GBP remains in a sideways channel despite the continued events around the Greek debacle and concerns that we are on a path to no where and fast.
EUR/GBP fundamentals and Greece stalling
Besides some bullish around the pound based upon the BoE being a contender to raise their interest rates, we are more focused on Greek debacle. The latest developments are such that Greece's referendum was supposed to offer the Greek's some clout at the negotiating table, but so far, they have come up with nothing to negotiate with and say that the proposals from last week still stand with some new adjustments.
Meanwhile, banks in Greece remain closed and the Eurogroup expect a new request for aid form Greece tomorrow while negotiations will take place between today and tomorrow in the hope of a reaching a deal soon. although Merkel says that there is still no underlying platform to commence discussions. All of this weighs on the Euro and the cross that remains below the week's opening bearish gap still.
EUR/GBP technically holds key support
Karen Jones, chief analyst at Commerzbank explained that EUR/GBP continues to hold near term over the 0.7057 May low and is expected to steady and then work higher.
EUR/GBP remains in a sideways channel despite the continued events around the Greek debacle and concerns that we are on a path to no where and fast.
EUR/GBP fundamentals and Greece stalling
Besides some bullish around the pound based upon the BoE being a contender to raise their interest rates, we are more focused on Greek debacle. The latest developments are such that Greece's referendum was supposed to offer the Greek's some clout at the negotiating table, but so far, they have come up with nothing to negotiate with and say that the proposals from last week still stand with some new adjustments.
Meanwhile, banks in Greece remain closed and the Eurogroup expect a new request for aid form Greece tomorrow while negotiations will take place between today and tomorrow in the hope of a reaching a deal soon. although Merkel says that there is still no underlying platform to commence discussions. All of this weighs on the Euro and the cross that remains below the week's opening bearish gap still.
EUR/GBP technically holds key support
Karen Jones, chief analyst at Commerzbank explained that EUR/GBP continues to hold near term over the 0.7057 May low and is expected to steady and then work higher.