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EUR/GBP in a tight range near 0.7060

FXStreet (Edinburgh) - EUR/GBP is extending its weekly rebound from sub-0.7000 levels, managing to clinch the 0.7060/65 band so far.

EUR/GBP bid on GBP weakness

The European cross has met significant buying interest on Tuesday following dovish comments by BoE officials against the backdrop of the Inflation Report Hearings.

In fact, the pound has been sold off after A.Haldane casted a mantle of doubt over the possibility of inflation figures picking up pace at any time soon, while Governor M.Carney argued that lower interest rates could stay for longer.

Nothing worth mentioning data wise in Euroland, with only Italian Industrial Sales/Orders due. Across the Channel, Mortgage Approvals by BBA are also due.

EUR/GBP important levels

As of writing the cross is down 0.01% at 0.7059 and a break below 0.6985 (low Nov.17) would open the door to 0.6948 (low Aug.5) and then 0.6934 (2015 low Jul.17). On the flip side, the next hurdle lines up at 0.7101 (23.6% Fibo of 0.7496-0.6979) ahead of 0.7196 (100-day sma) and finally 0.7210 (200-day sma).

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