OctaFX | OctaFX Forex Broker
Open trading account
Back

EUR/GBP retreats further to 0.7180

FXStreet (Edinburgh) - The single currency remains on the defensive today after yesterday’s stellar upside, now pushing EUR/GBP to daily lows near 0.7180.

EUR/GBP capped by 0.7250

The European cross is retreating from 6-week highs in the mid-0.7200s after the ECB has surprised markets at its meeting on Thursday. However, a re-emergence of the sentiment around the greenback is prompting EUR to surrender part of its recent gains and thus dragging the cross back below the 0.7200 mark.

Data wise, German Factory Orders have come in better than expectations during October, although market participants have largely ignored the results.

EUR/GBP levels to consider

As of writing the cross is retreating 0.61% at 0.7182 facing the next support at 0.7101 (23.6% Fibo of 0.7496-0.6979) ahead of 0.7000 (psychological level) and then 0.6979 (low Nov.18). On the other hand, a break above 0.7251 (high post-ECB Dec.3) would open the door to 0.7299 (61.8% Fibo of 0.7496-0.6979) and finally 0.7376 (high Oct.21).

Focus shifts to the Fed with NFP in sight - MUFG

Derek Halpenny, European Head of GMR at MUFG, notes that the fact that the ECB and the Fed will continue to go in different directions will be clear today when the jobs report for November is released in the US.
Read more Previous

GBP/USD support appears at 1.5100/1.5060 – Commerzbank

Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees pullbacks in the pair to face support around 1.5100/1.5060...
Read more Next
Start livechat