24 Jan 2014
EUR/GBP falters at 0.8300
FXstreet.com (Córdoba) - The EUR/GBP jumped to fresh weekly highs as the pound weakened broadly following BoE Carney's speech.
The Bank of England Governor Carney said in a speech at the World Economic Forum in Davos, that the MPC will update its forward guidance strategy in February after acknowledging that unemployment has fallen faster than anticipated. However, Carney stressed that now is not the time to raise rates. Carney also said pound appreciation will hamper export growth.
EUR/GBP levels to watch
The EUR/GBP rallied to a high of 0.8300 before losing momentum and settling in a range. At time of writing, the pair is trading around 0.8290, still up 0.7% on the day. In terms of technical levels, immediate resistances line up at 0.8300 (psychological level), 0.8340 (Jan 16 & 17 highs). On the downside, supports are seen at 0.8209 (Jan 24 low) and 0.8167 (Jan 22 low).
The Bank of England Governor Carney said in a speech at the World Economic Forum in Davos, that the MPC will update its forward guidance strategy in February after acknowledging that unemployment has fallen faster than anticipated. However, Carney stressed that now is not the time to raise rates. Carney also said pound appreciation will hamper export growth.
EUR/GBP levels to watch
The EUR/GBP rallied to a high of 0.8300 before losing momentum and settling in a range. At time of writing, the pair is trading around 0.8290, still up 0.7% on the day. In terms of technical levels, immediate resistances line up at 0.8300 (psychological level), 0.8340 (Jan 16 & 17 highs). On the downside, supports are seen at 0.8209 (Jan 24 low) and 0.8167 (Jan 22 low).