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31 Mar 2015
EUR/GBP drops to 0.7280
FXStreet (Edinburgh) - The softer tone in the riskier assets on Tuesday has dragged EUR/GBP to weekly lows in the area of 0.7280.
EUR/GBP weaker on risk aversion
The generalized context of risk-off trade keeps hurting both the sterling and the single currency today, pushing the European cross back to levels sub-0.7300 and intensifying the drop from recent tops in the boundaries of 0.7400 the figure.
In the data space, the third and final revision of the UK Q4 GDP is due later, with consensus expecting the economy to have expanded 0.5% inter-quarter and 2.7% over the last twelve months. In the euro area, the German unemployment ticked lower to 6.4%, decreasing by 14K during March.
EUR/GBP key levels
As of writing the cross is retreating 0.47% at 0.7280 with the immediate support at 0.7266 (low Mar.27) ahead of 0.7233 (21-d MA) and finally 0.7229 (low Mar.23). On the upside, a break above 0.7342 (high Mar.27) would aim for 0.7385 (high Mar.25) and then 0.7404 (high Feb.23).
EUR/GBP weaker on risk aversion
The generalized context of risk-off trade keeps hurting both the sterling and the single currency today, pushing the European cross back to levels sub-0.7300 and intensifying the drop from recent tops in the boundaries of 0.7400 the figure.
In the data space, the third and final revision of the UK Q4 GDP is due later, with consensus expecting the economy to have expanded 0.5% inter-quarter and 2.7% over the last twelve months. In the euro area, the German unemployment ticked lower to 6.4%, decreasing by 14K during March.
EUR/GBP key levels
As of writing the cross is retreating 0.47% at 0.7280 with the immediate support at 0.7266 (low Mar.27) ahead of 0.7233 (21-d MA) and finally 0.7229 (low Mar.23). On the upside, a break above 0.7342 (high Mar.27) would aim for 0.7385 (high Mar.25) and then 0.7404 (high Feb.23).