EUR/GBP hits lowest level since September 2012

By FXstreet.com | July 16, 2014 AAA

FXStreet (Córdoba) - A combination of a strong pound with a struggling euro amid divergent economic performances and policy expectations, has sent the EUR/GBP to its lowest level since early September 2012.



Even though soft UK earnings data spurred profit-taking on EUR/GBP shorts, the recovery was short-lived and faltered at 0.7917. The EUR/GBP resumed the downside and bottomed out at 0.7889 at the beginning of the New York session. At time of writing, the EUR/GBP is trading at 0.7895, recording a 0.24% loss on the day and having lost almost 100 pips over the last 2 days.



EUR/GBP technical levels



In terms of technical levels, next supports are seen at 0.7889 (Jul 16 low), 0.7885 (Aug 23 2012 low) and 0.7857 (Aug 21 2012 low). On the other hand, resistances could be found at 0.7917 (Jul 16 high), 0.7980 (Jul 15 high) and 0.8000 (psychologic level).



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