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19 Mar 2015
EUR/GBP keeps losses below 0.7200
FXStreet (Mumbai) - The euro continues to take a beating from the pound during the European session, as the euro gave up all of last session's FOMC-induced gains and traded down nearly 1.5% against the greenback.
EUR/GBP eyes 0.7200
Currently, the EUR/GBP cross trades lower by -1% at 0.7180 levels, retreating from session lows at 0.7164. The cross in EUR/GBP fell further in to red mainly driven by continued weakness seen in the euro across the board after EUR/GBP jumped to a two-week high of 0.7296 following strong buying in the last session when the Federal Reserve's statement sparked a dollar sell-off.
On the GBP-side of the equation, GBP/USD regained 0.49 handle and trimmed half its slide as the US dollar took a breather in its rally.
Later in the session, traders may focus on EU Summit mainly discussing Greece and ECB due to publish the third TLTRO offering for further incentives on the cross.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7200 and above which it could extend gains to at 0.7250 levels. To the downside immediate support might be located at 0.7160 levels below that at 0.7120 levels.
EUR/GBP eyes 0.7200
Currently, the EUR/GBP cross trades lower by -1% at 0.7180 levels, retreating from session lows at 0.7164. The cross in EUR/GBP fell further in to red mainly driven by continued weakness seen in the euro across the board after EUR/GBP jumped to a two-week high of 0.7296 following strong buying in the last session when the Federal Reserve's statement sparked a dollar sell-off.
On the GBP-side of the equation, GBP/USD regained 0.49 handle and trimmed half its slide as the US dollar took a breather in its rally.
Later in the session, traders may focus on EU Summit mainly discussing Greece and ECB due to publish the third TLTRO offering for further incentives on the cross.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7200 and above which it could extend gains to at 0.7250 levels. To the downside immediate support might be located at 0.7160 levels below that at 0.7120 levels.