FXStreet (Guatemala) – EUR/GBP is currently trading a 0.7114 with a high of 0.7123 and a low of 0.7114 in Asia vs 0.7059 overnight.
EUR/GBP rallied up on the back of the ‘progress’ made towards the end of the US close while the Greeks have submitted a proposal of which the EU are going to consider over the weekend.
EUR/GBP fundamentals and Greece stalling
The latest developments are that Greece’s Tsipras said the EZ summit today was positive. However, after the conclusion of the EU summit, German Chancellor Angela Merkel said that conditions for Greece aid negotiations to restart are not currently met and that Thursday is the deadline for a detailed set of Greek proposals. since, it has been reported that athens have indeed submitted proposals that are including credible reforms in return for a commitment for adequate funding. ECB’s Merkel said that they will keep Greek banks afloat until Sunday while Greece face their final deadlines.
EUR/GBP technically holds key support
On continued progress to the upside, and heading through the gap, Karen Jones, chief analyst at Commerzbank explained that intraday Elliott wave counts are suggesting that markets allow for recovery to the 55 day ma at .7200, but said that there is little beyond that.
(Market News Provided by FXstreet)