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23 Oct 2015
EUR/GBP at fresh session highs after EZ data
FXStreet (Mumbai) - The uptick in the preliminary Eurozone PMI pushed the EUR/GBP to a session high of 0.7226 levels, however, the bid tone on the EUR is still anything but strong.
Weekly loss – a done deal
The pair might cover a part of the lost ground on a slight uptick in the long duration German yields. However, the cross is more likely that ever to end the week lower. The shared currency suffered sharp losses along with Eurozone bond yields on Draghi’s dovish tone.
The Eurozone private sector activity in October ticked to a 2-month high in October, preliminary data released by the Markit showed. However, the data is not strong enough to counter Draghi’s dovish words.
EUR/GBP Technical Levels
The cross currently trades around 0.7220. The immediate resistance is located at 0.7240 (Sep 9 low), above which gains could be extended to 0.73 levels. On the other side, support is seen at 0.7196 (Sep 22 low) and 0.7170 (Aug 12 high).
Weekly loss – a done deal
The pair might cover a part of the lost ground on a slight uptick in the long duration German yields. However, the cross is more likely that ever to end the week lower. The shared currency suffered sharp losses along with Eurozone bond yields on Draghi’s dovish tone.
The Eurozone private sector activity in October ticked to a 2-month high in October, preliminary data released by the Markit showed. However, the data is not strong enough to counter Draghi’s dovish words.
EUR/GBP Technical Levels
The cross currently trades around 0.7220. The immediate resistance is located at 0.7240 (Sep 9 low), above which gains could be extended to 0.73 levels. On the other side, support is seen at 0.7196 (Sep 22 low) and 0.7170 (Aug 12 high).