EUR/GBP falls to 2-week lows

By FXstreet.com | August 25, 2014 AAA

FXStreet (Córdoba) - The EUR/GBP came under pressure Monday as the euro lags the pound in the recovery against the dollar.



The EUR/GBP is falling for a second day in a row, having almost completely surrendered gains inspired by disappointing UK employment data which sent the pair to a high of 0.8035 two weeks ago. The EUR/GBP has fallen as low as 0.7953, last seen Aug 13, and it was last trading at 0.7955, recording a 0.4% loss so far Monday.



With UK markets closed for a holiday, traders are still assessing Yellen and Draghi’s speeches, with an easy-breezy ECB stance and disappointing german data weighing on the euro.

EUR/GBP technical levels



In terms of technical levels, the EUR/GBP could find immediate supports at 0.7949 (30-day SMA), 0.7920 (Aug 13 low) and 0.7900 (psychological level). On the flip side, resistances are seen at 0.7982 (Aug 25 high), 0.8000 (psychological level) and 0.8015 (Aug 22 high).



comments powered by Disqus
Related Forex Analysis
  1. USD/JPY crashes below 106.50, more downside in store
    Forex News

    USD/JPY crashes below 106.50, more downside in store

  2. Trading Video: Is the S&P 500 Rebound, VIX Retreat a Trend or Interlude
    Forex News

    Trading Video: Is the S&P 500 Rebound, VIX Retreat a Trend or Interlude

  3. EUR/USD bulls wake up and drive pair above 1.2800
    Forex News

    EUR/USD bulls wake up and drive pair above 1.2800

  4. Strategy Video: Which is the Better Breakout Candidate - AUDUSD or EURJPY?
    Forex News

    Strategy Video: Which is the Better Breakout Candidate - AUDUSD or EURJPY?

  5. AUD/USD Range Endures With Clearer Cues From Candlesticks Desired
    Forex News

    AUD/USD Range Endures With Clearer Cues From Candlesticks Desired

Trading Center