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11 Mar 2015
EUR/GBP drops to fresh lows
FXStreet (Edinburgh) - The selling pressure is now gathering pace around the single currency, dragging EUR/GBP to fresh multi-year lows near 0.7060.
EUR/GBP lower on Draghi
The cross is seeing its downside accelerated following the appreciations by President Mario Draghi in today’s speech. Draghi stressed that the current bond-buying programme should prompt a bounce in inflation expectations, although it added that risks associated with the new measures appear contained so far. Furthermore, he argued that the ongoing QE scheme could shield other EU members from a Greek crisis contagion.
EUR/GBP levels to consider
At the moment the cross is down 0.48% at 0.7064 with the next support at 0.7022 (monthly high Apr.2006) ahead of 0.7000 (psychological level). On the upside, a surpass of 0.7179 (high Mar.10) would aim for 0.7214 (10-d MA) and then 0.7220 (high Mar.9).
EUR/GBP lower on Draghi
The cross is seeing its downside accelerated following the appreciations by President Mario Draghi in today’s speech. Draghi stressed that the current bond-buying programme should prompt a bounce in inflation expectations, although it added that risks associated with the new measures appear contained so far. Furthermore, he argued that the ongoing QE scheme could shield other EU members from a Greek crisis contagion.
EUR/GBP levels to consider
At the moment the cross is down 0.48% at 0.7064 with the next support at 0.7022 (monthly high Apr.2006) ahead of 0.7000 (psychological level). On the upside, a surpass of 0.7179 (high Mar.10) would aim for 0.7214 (10-d MA) and then 0.7220 (high Mar.9).