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5 Jan 2015
EUR/GBP hits fresh daily highs, trades above 0.78 handle
FXStreet (Mumbai) - The single currency edged lower against the British pound today, moving away from fresh six-year lows hit in the previous session after the Euro plunged to 2006 lows versus the US dollar.
The EUR/GBP pair now trades at 0.7815 levels, down -0.20% on the day, having posted fresh days’ high at 0.7820 levels few minutes ago. The EUR/GBP is expected to remain lower on expectations that he European Central Bank (ECB) moves closer further towards additional stimulus measures, while concerns grow over the outcome in the upcoming general election in Greece.
Meanwhile, traders await construction PMI data from the UK and inflation print from Germany due out later in the day.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7835 (Jan 2 High) and above which it could extend gains to at 0.7846 (Dec 30 High) levels. To the downside immediate support might be located at 0.78 and below that at 0.7762 (Jan 1 Low) levels.
The EUR/GBP pair now trades at 0.7815 levels, down -0.20% on the day, having posted fresh days’ high at 0.7820 levels few minutes ago. The EUR/GBP is expected to remain lower on expectations that he European Central Bank (ECB) moves closer further towards additional stimulus measures, while concerns grow over the outcome in the upcoming general election in Greece.
Meanwhile, traders await construction PMI data from the UK and inflation print from Germany due out later in the day.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7835 (Jan 2 High) and above which it could extend gains to at 0.7846 (Dec 30 High) levels. To the downside immediate support might be located at 0.78 and below that at 0.7762 (Jan 1 Low) levels.