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27 Aug 2015
Weaker Euro drags EUR/GBP in the red near 0.7300
FXStreet (Mumbai) - The shared currency lost its early strength and turned into the red zone versus the British pound in the European morning, pushing EUR/GBP to fresh session lows below 0.73 handle.
EUR/GBP drops from 0.7320
Currently, the EUR/GBP pair trades -0.33% lower at 0.7292, hovering close to session lows at 0.7287. The EUR/GBP cross erased gains and flipped into losses mainly driven by sudden selling interest witnessed in the single currency while the pound stood resilient to greenback’s strength.
Moreover, markets preferred the British pound amid risk-on emerging on the back of rallying global equities, thereby reducing euro’s allure as a safe-haven.
Meanwhile, an empty EUR, GBP docket, leaves the traders to the mercy of the US macro data which is widely anticipated to be the main market mover this week.
US data later today will remain in focus with the latest revision to Q2 GDP expected to be revised slightly higher as a result of recent upward revisions to June data, including yesterday’s durable goods.
EUR/GBP Technical Levels
To the upside, the next resistance is located at 0.7367 (Aug 26 High) levels and above which it could extend gains 0.7400 levels. To the downside immediate support might be located at 0.7287 (Today’s Low) below that at 0.7256 (Aug 26 Low).
EUR/GBP drops from 0.7320
Currently, the EUR/GBP pair trades -0.33% lower at 0.7292, hovering close to session lows at 0.7287. The EUR/GBP cross erased gains and flipped into losses mainly driven by sudden selling interest witnessed in the single currency while the pound stood resilient to greenback’s strength.
Moreover, markets preferred the British pound amid risk-on emerging on the back of rallying global equities, thereby reducing euro’s allure as a safe-haven.
Meanwhile, an empty EUR, GBP docket, leaves the traders to the mercy of the US macro data which is widely anticipated to be the main market mover this week.
US data later today will remain in focus with the latest revision to Q2 GDP expected to be revised slightly higher as a result of recent upward revisions to June data, including yesterday’s durable goods.
EUR/GBP Technical Levels
To the upside, the next resistance is located at 0.7367 (Aug 26 High) levels and above which it could extend gains 0.7400 levels. To the downside immediate support might be located at 0.7287 (Today’s Low) below that at 0.7256 (Aug 26 Low).