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16 Jul 2015
EUR/GBP drops to near 8-year low
FXStreet (Mumbai) - The EUR/GBP pair just fell to 0.6965, down 0.36% on the day, its lowest level since November 2017.
EUR/GBP hurt by divergent monetary policy expectations
The sell-off in the cross resumed on Tuesday after the Bank of England (BOE) governor Mark Carney said the time for interest rate hike is coming soon. On the other hand, there is almost zero probability of the European Central Bank (ECB) moving towards rate hike.
Meanwhile, the sell-off is also being supported by the uncertainty surrounding the Greek crisis.
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).
EUR/GBP hurt by divergent monetary policy expectations
The sell-off in the cross resumed on Tuesday after the Bank of England (BOE) governor Mark Carney said the time for interest rate hike is coming soon. On the other hand, there is almost zero probability of the European Central Bank (ECB) moving towards rate hike.
Meanwhile, the sell-off is also being supported by the uncertainty surrounding the Greek crisis.
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).