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11 May 2015
EUR/GBP drops below 0.72
FXStreet (Mumbai) - The EUR/GBP ran into fresh offers at 0.7250 post which the currency pair fell to a session low of 0.7199.
Euro under pressure ahead of Eurogroup meeting
The shared currency is being offered ahead of the Eurogroup meeting, which is expected to end with another stalemate between Greece and its international creditors. The real concern is a possibility of Greece failing to meet its payment to IMF due tomorrow.
Meanwhile, the British Pound is being favored ahead of the BOE meeting, which is likely to be a non-event. However, the GBP/USD pair has taken out key resistance levels to trade near 1.5490 levels, thereby pushing the EUR/GBP cross lower.
EUR/GBP Technical Levels
The pair currently trades at 0.7205. The immediate resistance is located at 0.7225, above which gains could be extended to 0.7258 (50-DMA). On the other hand, a failure to rise above 0.72 could send the pair down to 0.7162 (Apr. 16 low).
Euro under pressure ahead of Eurogroup meeting
The shared currency is being offered ahead of the Eurogroup meeting, which is expected to end with another stalemate between Greece and its international creditors. The real concern is a possibility of Greece failing to meet its payment to IMF due tomorrow.
Meanwhile, the British Pound is being favored ahead of the BOE meeting, which is likely to be a non-event. However, the GBP/USD pair has taken out key resistance levels to trade near 1.5490 levels, thereby pushing the EUR/GBP cross lower.
EUR/GBP Technical Levels
The pair currently trades at 0.7205. The immediate resistance is located at 0.7225, above which gains could be extended to 0.7258 (50-DMA). On the other hand, a failure to rise above 0.72 could send the pair down to 0.7162 (Apr. 16 low).