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2 Mar 2015
EUR/GBP retreats from fresh 7-year lows at 0.7240
FXStreet (Mumbai) - EUR/GBP recovers from fresh seven year lows in the European morning, as the pound was largely unmoved by bearish UK housing data as traders now await Euro zone PMI readings for fresh incentives.
EUR/GBP rises from 0.7240 levels
The EUR/GBP pair edges higher by 0.12% near fresh session highs of 0.7260 levels, rebounding from fresh seven year lows posted at 0.7240 levels. EUR/GBP defended mild gains as both the Euro and the pound lost ground versus the US dollar. However, greater losses were seen in the cable which boosted the EUR/GBP cross.
Moreover, traders now focus on PMI readings mainly from Germany, UK and EMU for further moves on the cross.
At the moment, GBP/USD trades lower by -0.25% at 1.5400, while EUR/USD declines by -0.19% to trade at 1.1173 levels.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7268 (5-DMA) and above which it could extend gains to at 0.7300 levels. To the downside immediate support might be located at 0.7200 and below that at 0.7180 (2006 Lows) levels.
EUR/GBP rises from 0.7240 levels
The EUR/GBP pair edges higher by 0.12% near fresh session highs of 0.7260 levels, rebounding from fresh seven year lows posted at 0.7240 levels. EUR/GBP defended mild gains as both the Euro and the pound lost ground versus the US dollar. However, greater losses were seen in the cable which boosted the EUR/GBP cross.
Moreover, traders now focus on PMI readings mainly from Germany, UK and EMU for further moves on the cross.
At the moment, GBP/USD trades lower by -0.25% at 1.5400, while EUR/USD declines by -0.19% to trade at 1.1173 levels.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7268 (5-DMA) and above which it could extend gains to at 0.7300 levels. To the downside immediate support might be located at 0.7200 and below that at 0.7180 (2006 Lows) levels.