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26 Aug 2013
EUR/GBP hovering around 0.8586 level; firmer thanks to Nowotny
FXstreet.com (Athens): EUR/GBP is trading upwards for a third straight day, despite market lower market liquidity.
The single currency is gaining momentum against the sterling, boosted by comments from European Central Bank policymaker Ewald Nowotny, who said he did not see much reason for the ECB to cut interest rates. Furthermore, steep drop in U.S. new home sales dented expectations that the Federal Reserve will reduce its asset-buying program next month , assisting the single currency further. Today, is a light calendar for both countries, especially taken for granted that the liquidity will be limited due to UK bank holiday.
Technical outlook on EUR/GBP
At the time of writing the pair is trading at 0.8586, down 0.13%.The FXstreet.com Trend Index shows the pair to be slightly bearish. Daily pivot point support can be found at 0.8520, 0.8500, 0.8484 and resistance at 0.8600, 0.8622, 0.8698, respectively.
The single currency is gaining momentum against the sterling, boosted by comments from European Central Bank policymaker Ewald Nowotny, who said he did not see much reason for the ECB to cut interest rates. Furthermore, steep drop in U.S. new home sales dented expectations that the Federal Reserve will reduce its asset-buying program next month , assisting the single currency further. Today, is a light calendar for both countries, especially taken for granted that the liquidity will be limited due to UK bank holiday.
Technical outlook on EUR/GBP
At the time of writing the pair is trading at 0.8586, down 0.13%.The FXstreet.com Trend Index shows the pair to be slightly bearish. Daily pivot point support can be found at 0.8520, 0.8500, 0.8484 and resistance at 0.8600, 0.8622, 0.8698, respectively.