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27 Feb 2015
EUR/GBP consolidating ahead of key support
FXStreet (Guatemala) - EUR/GBP is currently trading at 0.7266 with a high of 0.7271 and low of 0.7262.
EUR/GBP has been consolidated after making fresh lows at 0.7269 on a turbulent day overnight in the US session. Meanwhile, from the The UK, GDP release for the fourth quarter came out at 0.5%, boosting the growth outlook for the UK economy into 2015, which would support further pound strength. Richard Franulovich of Westpac assess the macro outlook for the country to quote that “All told GBP atmospherics have improved. EUR/GBP to 0.72 not an impossible target on a 1 month horizon”.
Key EUR/GBP Technicals
The nearest support lies at the within the uptrend of December 2007 – January 2009, at 0.7244, and below that 0.7122. The resistance lies at 0.7753, and 0.7763 above it. The pair is currently consolidating in the 0.7288-0.7269 range, closer to the newly made low.
EUR/GBP has been consolidated after making fresh lows at 0.7269 on a turbulent day overnight in the US session. Meanwhile, from the The UK, GDP release for the fourth quarter came out at 0.5%, boosting the growth outlook for the UK economy into 2015, which would support further pound strength. Richard Franulovich of Westpac assess the macro outlook for the country to quote that “All told GBP atmospherics have improved. EUR/GBP to 0.72 not an impossible target on a 1 month horizon”.
Key EUR/GBP Technicals
The nearest support lies at the within the uptrend of December 2007 – January 2009, at 0.7244, and below that 0.7122. The resistance lies at 0.7753, and 0.7763 above it. The pair is currently consolidating in the 0.7288-0.7269 range, closer to the newly made low.