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29 Jul 2015
EUR/GBP reverses and tumbles below 0.7050
FXStreet (Córdoba) - The pound is rising across the board and printed fresh highs in the market during the last hours. EUR/GBP accelerated the decline and dropped to the lowest level since last Thursday.
EUR/GBP reversion
The pair rallied from 0.6935 (July 20 low) and peaked on Monday at 0.7160 but then lost strength and pulled back. Yesterday lost the 0.7100 handle and today is accelerating the decline. Recently bottomed at 0.7034. It remains near the lows under pressure.
From weekly highs it has fallen almost 130 pips making a strong reversal and trading at the moment below the important area of 0.7050/60. Against the US dollar, the pound is also breaking an important technical level as GBP/USD trades above 1.5670.
EUR/GBP technical levels
To the upside, resistance levels now might lie at 0.7065, 0.7100 (daily high) and 0.7120. On the opposite direction support could be located at 0.7020, 0.6990 (July 23 low) and 0.6945.
EUR/GBP reversion
The pair rallied from 0.6935 (July 20 low) and peaked on Monday at 0.7160 but then lost strength and pulled back. Yesterday lost the 0.7100 handle and today is accelerating the decline. Recently bottomed at 0.7034. It remains near the lows under pressure.
From weekly highs it has fallen almost 130 pips making a strong reversal and trading at the moment below the important area of 0.7050/60. Against the US dollar, the pound is also breaking an important technical level as GBP/USD trades above 1.5670.
EUR/GBP technical levels
To the upside, resistance levels now might lie at 0.7065, 0.7100 (daily high) and 0.7120. On the opposite direction support could be located at 0.7020, 0.6990 (July 23 low) and 0.6945.