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5 May 2015
EUR/GBP testing lows around 0.7350
FXStreet (Edinburgh) - The offered tone around the euro is now gathering pace during the European morning, dragging EUR/GBP to session lows in the mid-0.7200s.
EUR/GBP in 2-day lows
After hitting multi-week tops near 0.7430 last week, the cross has sparked a correction lower, currently retreating for the second consecutive session to the 0.7255/50 band.
There are no scheduled releases in the UK economy today, leaving the cross to the mercy of events in the euro area. In addition, election jitters keep undermining the demand for sterling, as previous surveys point to a very close outcome and the increasing likeliness of a hung parliament.
EUR/GBP levels to watch
The cross is now losing 0.28% at 0.7351 with the next support at 0.7301 (low May 1) ahead of 0.7187 (low Apr.30) and finally 0.7137 (low Apr.29). On the flip side, a breakout of 0.7400 (psychological level) would expose 0.7419 (high May 1) and finally 0.7444 (high Feb.17).
EUR/GBP in 2-day lows
After hitting multi-week tops near 0.7430 last week, the cross has sparked a correction lower, currently retreating for the second consecutive session to the 0.7255/50 band.
There are no scheduled releases in the UK economy today, leaving the cross to the mercy of events in the euro area. In addition, election jitters keep undermining the demand for sterling, as previous surveys point to a very close outcome and the increasing likeliness of a hung parliament.
EUR/GBP levels to watch
The cross is now losing 0.28% at 0.7351 with the next support at 0.7301 (low May 1) ahead of 0.7187 (low Apr.30) and finally 0.7137 (low Apr.29). On the flip side, a breakout of 0.7400 (psychological level) would expose 0.7419 (high May 1) and finally 0.7444 (high Feb.17).