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21 May 2015
EUR/GBP breaches 0.7100
FXStreet (Edinburgh) - EUR/GBP has sharply reverted the initial positive tone and is now re-visiting multi-week lows in sub-0.7100 levels.
EUR/GBP in 3-month lows
The solid pace of the pound is dragging the European cross below the 0.7100 handle, levels last seen in mid-March. The sterling is gathering further traction in response to the very auspicious results from UK retail sales during the last month, advancing beyond expectations.
In addition MPC M.Weale said that declining oil prices could have a negative impact on consumer prices while they could help lifting economic growth. In any case, he added that the effects should be gone in a couple of years.
EUR/GBP key levels
The cross is now losing 0.62% at 0.7098 with the immediate support at 0.7091 (low May 21) ahead of 0.7036 (low Mar.12) and then 0.7015 (2015 low Mar.11). On the flip side, the initial up barrier lines up at 0.7169 (high May 21) ahead of 0.7196 (10-d MA) and finally 0.7232 (high May 19).
EUR/GBP in 3-month lows
The solid pace of the pound is dragging the European cross below the 0.7100 handle, levels last seen in mid-March. The sterling is gathering further traction in response to the very auspicious results from UK retail sales during the last month, advancing beyond expectations.
In addition MPC M.Weale said that declining oil prices could have a negative impact on consumer prices while they could help lifting economic growth. In any case, he added that the effects should be gone in a couple of years.
EUR/GBP key levels
The cross is now losing 0.62% at 0.7098 with the immediate support at 0.7091 (low May 21) ahead of 0.7036 (low Mar.12) and then 0.7015 (2015 low Mar.11). On the flip side, the initial up barrier lines up at 0.7169 (high May 21) ahead of 0.7196 (10-d MA) and finally 0.7232 (high May 19).