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22 Jan 2015
EUR/GBP finds support at 0.7560
FXStreet (Edinburgh) - The strong bearish momentum around the EUR continues to gather pace post-ECB meeting today, with EUR/GBP now finding some support around 0.7560.
EUR/GBP in multi-year lows
The cross is back to levels last traded in February 2008 around 0.7570/60, as markets starting to digest the recent announcements by the European Central Bank. Recall that the ECB surprised markets delivering a bigger than expected QE programme, worth €1.1 trillion and involving monthly bond purchases of €60 billion. The programme will start in march and will run until September 2016. Markets reacted accordingly with a sharp depreciation of the shared currency to fresh multi-year lows.
EUR/GBP relevant levels
The cross is now losing 1.02% at 0.7579 with the next support at 0.7535 low Feb.27 2008) ahead of 0.7516 (low Feb.26 2008) and finally 0.7500 (psychological level). On the upside, a breakout of 0.7620 (hourly high Jan.22) would open the door to 0.7676 (high Jan.22) and then 0.7715 (high Jan.21).
EUR/GBP in multi-year lows
The cross is back to levels last traded in February 2008 around 0.7570/60, as markets starting to digest the recent announcements by the European Central Bank. Recall that the ECB surprised markets delivering a bigger than expected QE programme, worth €1.1 trillion and involving monthly bond purchases of €60 billion. The programme will start in march and will run until September 2016. Markets reacted accordingly with a sharp depreciation of the shared currency to fresh multi-year lows.
EUR/GBP relevant levels
The cross is now losing 1.02% at 0.7579 with the next support at 0.7535 low Feb.27 2008) ahead of 0.7516 (low Feb.26 2008) and finally 0.7500 (psychological level). On the upside, a breakout of 0.7620 (hourly high Jan.22) would open the door to 0.7676 (high Jan.22) and then 0.7715 (high Jan.21).