23 Mar 2015
EUR/GBP hits fresh 3-day highs, eyes 0.73
FXStreet (Mumbai) - The pound continues to get battered by the shared currencies during the European session, pushing the EUR/GBP cross higher towards 0.73 handle, mainly on sterling weakness.
EUR/GBP rises from 0.7229 levels
Currently, the EUR/GBP cross traded higher by 0.50% at 0.7271, hovering close to fresh 3-day highs of 0.7280 levels. The cross in EUR/GBP accelerated gains largely on the back of a broad sterling weakness. The pound continues to weaken amid election uncertainty in the UK after UK CBI warned today the British economy cannot afford a power vacuum. On the other hand, the euro trades flat amid lack of clear direction as the greenback continues its hugh swings on both the sides.
Moreover, markets now shift their attention towards ECB Chief Draghi’s testimony on monetary policy later in the day for clear direction on the cross, followed by US existing home sales data.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7300 and above which it could extend gains to at 0.7328 levels. To the downside immediate support might be located at 0.7228 levels below that at 0.7200 levels.
EUR/GBP rises from 0.7229 levels
Currently, the EUR/GBP cross traded higher by 0.50% at 0.7271, hovering close to fresh 3-day highs of 0.7280 levels. The cross in EUR/GBP accelerated gains largely on the back of a broad sterling weakness. The pound continues to weaken amid election uncertainty in the UK after UK CBI warned today the British economy cannot afford a power vacuum. On the other hand, the euro trades flat amid lack of clear direction as the greenback continues its hugh swings on both the sides.
Moreover, markets now shift their attention towards ECB Chief Draghi’s testimony on monetary policy later in the day for clear direction on the cross, followed by US existing home sales data.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7300 and above which it could extend gains to at 0.7328 levels. To the downside immediate support might be located at 0.7228 levels below that at 0.7200 levels.