OctaFX | OctaFX Forex Broker
Open trading account

EUR/GBP keeps falling, around 0.7120

FXStreet (Edinburgh) - The increasing offered tone around the single currency has now dragged EUR/GBP to test fresh lows in the 0.7120/15 band.

EUR/GBP lower on EUR weakness

The European cross is thus trading at shouting distance from recent multi-month lows around the 0.7100 neighborhood, all against the backdrop of renewed selling interest surrounding EUR following the last ECB meeting and subsequent comments by ECB officials regarding the likeliness of further easing by the central bank.

Data wise, UK’s Construction PMI has come in at 58.8 for the month of October, matching estimates and a tad lower than September’s 59.9. Next of relevance will be the speech by President M.Draghi later in the European evening.

EUR/GBP relevant levels

As of writing the cross is losing 0.42% at 0.7117 and a breach of 0.7105 (low Nov.2) would aim for 0.7067 (23.6% Fibo of 0.6935-0.7496) and finally 0.6934 (2015 low Jul.17). On the flip side, the next resistance lines up at 0.7215 (50% Fibo of 0.6935-0.7496) followed by 0.7238 (200-day sma) and then 0.7311 (55-day sma).

AUD: Hunting for a bottom - Rabobank

Jane Foley, Research Analyst at Rabobank, notes that the decision by the RBA to leave interest rates unchanged overnight propelled the AUD into the position of best performing G10 currency on a 1 day view.
Read more Previous

GBP/USD off lows, around hourly 50-SMA

Having tested 1.54 handle post-UK construction PMI report, the GBP/USD pair attempts a tepid bounce over the past few hours, only to face stiff hurdle at hourly 50-SMA located at 1.5424
Read more Next
Start livechat