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EUR/GBP dips below 0.7800 weighed by Draghi

FXStreet (Córdoba) - EUR/GBP fell sharply and reversed intraday gains to trade near weekly lows following ECB President remarks during the monetary policy press conference.

Draghi said the bank will soon begin to purchase asset-backed securities (ABS) and that along with other measures, this will have a sizable impact on the banks balance sheet, which the ECB expects to achieve the same dimension and composition it had at the beginning of 2012. Draghi also said they expect inflation to remain below but close to the 2.0% target, but that the Governing Council is “unanimous” on using additional measures if needed.

EUR/GBP turned south and dropped more than 60 pips from daily highs to bottom out at 0.7798, roughly the same level it did last week. If it breaks below 0.7798, EUR/GBP will be trading at its lowest level since early October, and moving closer to its 2014 low of 0.7766.

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