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EUR/GBP: Greenback pressures to fresh May lows


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FXStreet (Guatemala) – EUR/GBP is currently trading at 0.7067 with a high of 0.7100 and a low of 0.7064.

EUR/GBP is extending the downside and attention is focused on the March lows at 0.7015. The 4-year channel is on the horizon that commenced in Jan 2003 until Nov 2007, eight years ago and brings the possibility of a new negative range between 0.7000 and 0.6500 on continued supply and downside price action.


Fundamentally, there has been a good deal of US data today waking the market up and sending the dollar on the rampage again, pressuring the euro to fresh lows for May with domestic economic and political issues in the EZ taking the markets attention over factors of the UK economy leaving the euro more exposed than the pound to the dollars strength.


Technically, Karen Jones, chief analyst at Commerzbank explained that EUR/GBP will remain directly offered while rallies remain below the 0.7170 accelerated downtrend and will make no impact on the chart while below the 0.7282 15th March high. Target is the 0.7015 March low.”