FXStreet (Guatemala) – EUR/GBP is currently trading at 0.7160 with a high of 0.7213 and a low of 0.7146.
EUR/GBP closed European trade at the lowest level since the 1st June lows at 0.7145. Major bourses in Europe closed down, while Greece taking centre stage. There was some market chatter of an Grexit while athens is unable to meet IMF payment deadlines although sentiment was rescued to some extent when Greek officials said that they are open to making changes to the reforms so long as pensions are unaffected. However, the euro was unnerved in the session to the ongoing Greek uncertainties. for the cross it was more to do with flows through GBP/USD.
Sterling was strong on wage growth in the UK with weekly earnings out at 2.% vs 2.1% expected while the BoE minutes showed a 9-0 vote for rates to remain unchanged although 2 voters were on the fence this time around and maybe voting for a hike, adding support to the pound and weighing in on the cross.
EUR/GBP making lower lows
Technically, we are making our way down through the various levels after eroding the 55 day ma at 0.7238 last week and through the 0.72 handle yesterday, taking out 0.7180 support, pressuring June lows on support and headed towards 0.7127/23 (Fibo + 22nd April low) on further downside pressures.
(Market News Provided by FXstreet)