22 Jul 2015
EUR/GBP hovers above 0.7000 on BOE
FXStreet (Mumbai) - The EUR/GBP cross bounced-off a brief dip below 0.70 handle and swung back higher in the European morning, on the back of some volatility spurred by much awaited BOE MPC minutes release which kept the British currency supported.
EUR/GBP rebounds from 0.6993 lows
Currently, the EUR/GBP pair -0.33% lower at 0.7007, swiftly regaining 0.70 handle having posted 0.6993 lows post the release. The cross in EUR/GBP keeps losses following the release of the Bank of England (BoE) meeting minutes.
As widely expected all nine rate-setters on the BoE Monetary Policy Committee (MPC) voted unanimously on the policy stance for July. However, the distinguishing factor was that the policy decision was more finely balanced for ‘a number of members’, which kept the GBP bulls boosted.
While the European currency treads water versus the greenback ahead of Greek vote due later today on the second bailout package reforms submitted by Tsipras government on Tuesday.
EUR/GBP Technical Levels
To the upside, the next resistance is located at 0.7037 (Today’s High) levels and above which it could extend gains 0.7070 (July 15 High) levels. To the downside immediate support might be located at 0.6958 (July 16 Low) below that at 0.6900 (2007 levels).
EUR/GBP rebounds from 0.6993 lows
Currently, the EUR/GBP pair -0.33% lower at 0.7007, swiftly regaining 0.70 handle having posted 0.6993 lows post the release. The cross in EUR/GBP keeps losses following the release of the Bank of England (BoE) meeting minutes.
As widely expected all nine rate-setters on the BoE Monetary Policy Committee (MPC) voted unanimously on the policy stance for July. However, the distinguishing factor was that the policy decision was more finely balanced for ‘a number of members’, which kept the GBP bulls boosted.
While the European currency treads water versus the greenback ahead of Greek vote due later today on the second bailout package reforms submitted by Tsipras government on Tuesday.
EUR/GBP Technical Levels
To the upside, the next resistance is located at 0.7037 (Today’s High) levels and above which it could extend gains 0.7070 (July 15 High) levels. To the downside immediate support might be located at 0.6958 (July 16 Low) below that at 0.6900 (2007 levels).