EUR/GBP Trims Losses Post-ECB
EUR/GBP has managed to bounce off session lows post-ECB decision, currently hovering over the 0.7875/80 band.
EUR/GBP focus on Draghi’s presser
The European cross is losing ground since Friday and in turn extending its leg lower after being rejected from 2016 highs near 0.8120 earlier in the month.
The downside pressure in the cross has been exacerbated following the recent strong recovery of the British pound, as ‘Brexit’ fears seem alleviated somewhat.
Today, the ECB has left intact its benchmark rates, broadly in line with prior surveys. Attention has now shifted to the upcoming press conference by President M.Draghi.
EUR/GBP key levels
The cross is now losing 0.10% at 0.7872 facing the next support at 0.7855 (55-day sma) ahead of 0.7669 (100-day sma) and then 0.7650 (low Mar.7). On the flip side, a breakout of 0.8119 (2016 high Apr.7) would expose 0.8349 (monthly high Feb.6 2014) and finally 0.8401 (2014 high Mar.18).