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16 Jul 2015
EUR/GBP prints fresh 7-1/2 year low
FXStreet (Mumbai) - The EUR/GBP fell to a fresh 7-1/2 year low of 0.6962 as investors ignored the news of the Emergency Liquidity Assistance (ELA) extension to Greece.
Lowest since Nov 2008
The pair now trades at its lowest level since November 2007. The common currency failed to strengthen on the news that Greek ELA limit was raised by EUR 900 million over one week as required conditions have been met.
Moreover, the Eurozone stocks have held onto gains as Draghi remained optimistic about the economic expansion despite of the volatility surrounding China and Greece. However, the common currency has surprisingly failed to respond to the positive set of comments from Draghi. The spot has recovered slightly to trade around 0.6975.
EUR/GBP Technical Levels
The immediate support is located at 0.6945 (classic S2 pivot), under which spot could target 0.69 (psychological level). On the other hand, resistance is seen at 0.6987 (Jun. 28 low) and 0.7068 (July. 15 high).
Lowest since Nov 2008
The pair now trades at its lowest level since November 2007. The common currency failed to strengthen on the news that Greek ELA limit was raised by EUR 900 million over one week as required conditions have been met.
Moreover, the Eurozone stocks have held onto gains as Draghi remained optimistic about the economic expansion despite of the volatility surrounding China and Greece. However, the common currency has surprisingly failed to respond to the positive set of comments from Draghi. The spot has recovered slightly to trade around 0.6975.
EUR/GBP Technical Levels
The immediate support is located at 0.6945 (classic S2 pivot), under which spot could target 0.69 (psychological level). On the other hand, resistance is seen at 0.6987 (Jun. 28 low) and 0.7068 (July. 15 high).