Forex: EUR/GBP threatens 0.7980
Forex pairs in this Article »
EUR/GBP
FXstreet.com (Barcelona) - The pair has dipped to Monday and Tuesday lows in the proximities of 0.7980, after ECB's Mario Draghi has commented that economic growth in the euro bloc would remain weak in the medium term. He also ruled out that the OMT programme could serve as a form of financing for sovereigns in the future and that prices in the euro area are seen to drop below 2.0% in 2013
In the same tone, the EU has cut German GDP forecast for the next year to +0.8% from +1.7%, and the debt-to-GDP ratio in Greece is expected at 176.7% in 2012 and 188.4% in 2013
As risk appetite suddenly vanished, both the euro and the sterling are falling against the greenback, at 1.2760 and 1.5970 respectively, dragging EURGBP to the vicinity of 0.7990
The pair is now losing 0.29% at 0.7987 with the immediate support at 0.7984 (low Nov.6) ahead of 0.7960 (50% of 0.7756-0.8165) then 0.7945 (Lower Bollinger) and 0.7923 (low Sep.27).
On the flip side, a breakout of 0.8028 (high Nov.2) would expose 0.8035 (MA10d) then 0.8040 (high Nov.1) and 0.8052 (MA30d).
In the same tone, the EU has cut German GDP forecast for the next year to +0.8% from +1.7%, and the debt-to-GDP ratio in Greece is expected at 176.7% in 2012 and 188.4% in 2013
As risk appetite suddenly vanished, both the euro and the sterling are falling against the greenback, at 1.2760 and 1.5970 respectively, dragging EURGBP to the vicinity of 0.7990
The pair is now losing 0.29% at 0.7987 with the immediate support at 0.7984 (low Nov.6) ahead of 0.7960 (50% of 0.7756-0.8165) then 0.7945 (Lower Bollinger) and 0.7923 (low Sep.27).
On the flip side, a breakout of 0.8028 (high Nov.2) would expose 0.8035 (MA10d) then 0.8040 (high Nov.1) and 0.8052 (MA30d).
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