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EUR/GBP deflates to lows near 0.7110

FXStreet (Edinburgh) - The now softer tone around the shared currency has prompted EUR/GBP to test the lower end of the daily range near 0.7110.

EUR/GBP weaker on ECB rumours

The euro has quickly given away part of its initial gains following rumours that the European Central Bank could lower its deposit rate at its meeting in December (currently at -0.2%), instead of incurring in further easing via its ‘quantitative easing’ programme.

It’s been an uneventful session so far, although the pound could face renewed pressure ahead in the week, as critical labour market figures are due on Wednesday in the UK economy.

EUR/GBP relevant levels

As of writing the cross is losing 0.20% at 0.7119 and a drop below 0.7038 (low Nov.5) would expose 0.7000 (psychological level) and finally 0.6934 (2015 low Jul.17). On the other hand, the next up barrier lines up at 0.7205 (100-day sma) followed by 0.7232 (200-day sma) and then 0.7267 (50% Fibo of 0.7496-0.7038).

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