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16 Jul 2015
EUR/GBP steadies near 0.6980 on EZ CPI
FXStreet (Mumbai) - The EUR/GBP cross keeps losses in the mid-European session, with the European currency maintaining its offered tone on the release of mixed Euro zone data ahead of the key ECB monetary policy meeting due later in the session.
EUR/GBP rejected at 0.7002
Currently, the EUR/GBP pair -0.34% lower at 0.6979, recovering from a new seven and a half year low reached at 0.6969. The cross in EUR/GBP was little change post the release of subdued EZ CPI and trade data which had no impact on the European currency. The CPI reading in the euro area came in at 0.2% in June on an annual basis, after 0.3% growth recorded in the previous month.
The EUR/GBP cross remains in red largely driven by The widening gap between monetary policies in the UK and the Eurozone. Hawkish comments by Governor Mark Carney and MPC member David Miles in their speeches at the Resolution Foundation on Tuesday, add to speculations that the BoE might begin to normalize monetary policy soon.
EUR/GBP Technical Levels
To the upside, the next resistance is located at 0.7002 (Today’s High) levels and above which it could extend gains 0.7068 (July 15 High) levels. To the downside immediate support might be located at 0.6969 (Today’s Low) below that at 0.6900 (2007 levels).
EUR/GBP rejected at 0.7002
Currently, the EUR/GBP pair -0.34% lower at 0.6979, recovering from a new seven and a half year low reached at 0.6969. The cross in EUR/GBP was little change post the release of subdued EZ CPI and trade data which had no impact on the European currency. The CPI reading in the euro area came in at 0.2% in June on an annual basis, after 0.3% growth recorded in the previous month.
The EUR/GBP cross remains in red largely driven by The widening gap between monetary policies in the UK and the Eurozone. Hawkish comments by Governor Mark Carney and MPC member David Miles in their speeches at the Resolution Foundation on Tuesday, add to speculations that the BoE might begin to normalize monetary policy soon.
EUR/GBP Technical Levels
To the upside, the next resistance is located at 0.7002 (Today’s High) levels and above which it could extend gains 0.7068 (July 15 High) levels. To the downside immediate support might be located at 0.6969 (Today’s Low) below that at 0.6900 (2007 levels).