21 Jul 2015
EUR/GBP meandering around 0.6950
FXStreet (Edinburgh) - EUR/GBP is trading in a tight range on Tuesday, returning to the mid-0.6900s after reaching overnight tops above 0.6960.
EUR/GBP capped by 0.6980
Recent bouts of buying interest in the single currency have sparked a correction higher in the European cross, albeit the bull run lost impetus in the vicinity of 0.6980 so far. The broader scenario remains bearish for the cross, backed by a resumption of the downtrend in the euro while the sterling remains buoyed by market expectations of a rate hike by the BoE sooner that later.
Nothing worth mentioning in the data front today, only UK’s Public Sector Net Borrowing during June, expected at £8.6 billion.
EUR/GBP relevant levels
As of writing the cross is down 0.12% at 0.6950 with the next support at 0.6936 (low Jul17) ahead of 0.6900 (psychological level). On the upside, a break above 0.6978 (high Jul.17) would expose 0.7068 (high Jul.15) and then 0.7202 (high Jul.13).
EUR/GBP capped by 0.6980
Recent bouts of buying interest in the single currency have sparked a correction higher in the European cross, albeit the bull run lost impetus in the vicinity of 0.6980 so far. The broader scenario remains bearish for the cross, backed by a resumption of the downtrend in the euro while the sterling remains buoyed by market expectations of a rate hike by the BoE sooner that later.
Nothing worth mentioning in the data front today, only UK’s Public Sector Net Borrowing during June, expected at £8.6 billion.
EUR/GBP relevant levels
As of writing the cross is down 0.12% at 0.6950 with the next support at 0.6936 (low Jul17) ahead of 0.6900 (psychological level). On the upside, a break above 0.6978 (high Jul.17) would expose 0.7068 (high Jul.15) and then 0.7202 (high Jul.13).