- Downside risks for the euro have increased in the near-term as Grexit would provide a negative shock to the euro-zone economy. Probability is high for a looser ECB policy, and introduction of some re-denomination risk into euro-zone assets and liabilities.
- EUR/GBP is currently trading at 0.7108, with chances of rise above 0.7130 after reports of Greek Fin Mins resignation.
Resistance Levels:R1: 0.7118 ( July 2 high)R2: 0.7140 (June 30 high)R3: 0.7166 (June 29 high)Support levels:S1: 0.7056 (61.8% Fibo of 0.6989 – 0.7166) S2: 0.6989 (Jun 29 low) S3: 0.6920 (Monthly Low Nov 2007)
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