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23 Feb 2015
EUR/GBP hits fresh 7-year low
FXStreet (Córdoba) - EUR/GBP fell to a fresh 7-year low during the American session as the euro remains vulnerable despite an incipient deal in Greece.
While the euro faced downward pressure during the European trade in the wake of disappointing German data, the pound was among the best performers across the board. Against this backdrop, EUR/GBP broke below last week’s floor and hit its lowest level since January 2008 at 0.7325.
The pair has managed to recover slightly and it is currently trading at 0.7435, recording a 0.86% loss on the day.
EUR/GBP technical levels
As for technical levels, next supports for EUR/GBP could be found at the 0.7325/21 zone (7-year low Feb 23/monthly low Jan 2008) and 0.7300 (psychological level). On the other hand, resistances are seen at 0.7428 (Feb 20 high) and 0.7441/43 (21-day SMA/Feb 17 high).
While the euro faced downward pressure during the European trade in the wake of disappointing German data, the pound was among the best performers across the board. Against this backdrop, EUR/GBP broke below last week’s floor and hit its lowest level since January 2008 at 0.7325.
The pair has managed to recover slightly and it is currently trading at 0.7435, recording a 0.86% loss on the day.
EUR/GBP technical levels
As for technical levels, next supports for EUR/GBP could be found at the 0.7325/21 zone (7-year low Feb 23/monthly low Jan 2008) and 0.7300 (psychological level). On the other hand, resistances are seen at 0.7428 (Feb 20 high) and 0.7441/43 (21-day SMA/Feb 17 high).