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9 Feb 2015
EUR/GBP falls into the red
FXStreet (Mumbai) - The increased speculation of Grexit ahead of the EU members’ emergency meeting on Wednesday has weakened the shared currency, taking the EUR/GBP pair down to 0.7410 levels.
Rejected at 0.7450
The pair clocked a high of 0.7453 earlier today before inching lower on renewed fears of Grexit. The shared currency failed to respond positively to a rise in Sentix investor confidence and the rise in German trade surplus.
Moreover, the negative developments out of Greece has led markets to speculate that the country would fail to reach a deal before Feb. 28th and leave the Eurozone. The fears of Grexit have spread across most of the markets in the Eurozone.
EUR/GBP Technical Levels
The immediate support is seen at the psychological level of 0.74, under which losses could be extended to 0.7370 levels. On the flip side, immediate resistance is seen at 0.7453 and 0.7481 (10-DMA) levels.
Rejected at 0.7450
The pair clocked a high of 0.7453 earlier today before inching lower on renewed fears of Grexit. The shared currency failed to respond positively to a rise in Sentix investor confidence and the rise in German trade surplus.
Moreover, the negative developments out of Greece has led markets to speculate that the country would fail to reach a deal before Feb. 28th and leave the Eurozone. The fears of Grexit have spread across most of the markets in the Eurozone.
EUR/GBP Technical Levels
The immediate support is seen at the psychological level of 0.74, under which losses could be extended to 0.7370 levels. On the flip side, immediate resistance is seen at 0.7453 and 0.7481 (10-DMA) levels.