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4 Mar 2015
EUR/GBP drops to 0.7240
FXStreet (Edinburgh) - The selling pressure around the single currency is now growing bigger, pushing EUR/GBP to session lows in the 0.7245/40 region.
EUR/GBP in multi-year lows
The European cross is trading in levels last seen in December 2007 around 0.7240 following a pick up in the selling interest in the EUR. The cross intensified the descent following disappointing releases from the Services PMIs in the euro region, coming in below expectations.
In the UK economy, the key Services PMI is due later, with consensus expecting a small improvement to 57.5 from 57.2 for the last month.
EUR/GBP key levels
At the moment the cross is losing 0.31% at 0.7249 with the next support at 0.7300 (psychological level) ahead of 0.7108 (high Dec.2004) and then 0.7022 (high Apr.2006). On the upside, the initial hurdle lines up at 0.7280 (hourly high Mar.4) followed by 0.7289 (high Mar.3) and finally 0.7301 (high Mar.2).
EUR/GBP in multi-year lows
The European cross is trading in levels last seen in December 2007 around 0.7240 following a pick up in the selling interest in the EUR. The cross intensified the descent following disappointing releases from the Services PMIs in the euro region, coming in below expectations.
In the UK economy, the key Services PMI is due later, with consensus expecting a small improvement to 57.5 from 57.2 for the last month.
EUR/GBP key levels
At the moment the cross is losing 0.31% at 0.7249 with the next support at 0.7300 (psychological level) ahead of 0.7108 (high Dec.2004) and then 0.7022 (high Apr.2006). On the upside, the initial hurdle lines up at 0.7280 (hourly high Mar.4) followed by 0.7289 (high Mar.3) and finally 0.7301 (high Mar.2).