FXStreet (Guatemala) – EUR/GBP is currently trading at 0.7109 with a high of 0.7119 and a low of 0.7096.
EUR/GBP has been moving in three moves, bid, offered and bid again into a drift to close the week. Supply came in to score overnight lows post the initial bid in less liquid markets ahead of the showdown that will be the Greek referendum this weekend. The bulls managed to take the cross back in to neutral territory on the 0.71 handle where we look to steady in US holidays.
EUR/GBP price action
EUR/GBP started on the 0.7103 and moved higher to score 0.7181. Supply took us back below the handle at 0.7096 where the bulls stepped back for a move 0.7113 where the price is drifting sideways in the dead-zone while US are out.
EUR/GBP fundamentals as we await Greece referendum
We had a flurry of last minute data releases from the EZ and UK. Markit services for the EZ were in line while retails sales improved. For the UK, Markit services were an improvement with actual reading 58.5 vs expectations of 57.4. It is now all about the weekend and Greek referendum. Latest Greek referendum poll shows close contest between Yes and No vote.
EUR/GBP bulls cautioned below 0.6985
EUR/GBP is making a good recovery from the lows of the bearish opening gap this week and remains within the overall bullish development. Meanwhile, Karen Jones, chief analyst at Commerzbank noted the technical conditions surrounding EUR/GBP and suggests caution on dips below 0.6985.
(Market News Provided by FXstreet)