EUR/GBP upside capped at 0.7300

Pablo Piovano FXStreet

FXStreet (Edinburgh) - EUR/GBP is looking to leave recent multi-year lows around 0.7260, although the bull attempt seems to have run out steam in the 0.7300 neighbourhood.

EUR/GBP down with euro

The selling sentiment surrounding the single currency is contrasting with the upbeat performance of the sterling as of late, resulting in the cross dropping to levels last traded in December 2007. In addition, the clear opposite paths taking by the BoE and the ECB regarding monetary policy will only accentuate the bearishness around the cross going forward, with the 0.7200 support already on sight and the upside visible limited.

EUR/GBP significant levels

At the moment the cross is down 0.18% at 0.7285 with the next support at 0.7242 (low Dec.24 2007) followed by 0.7216 (low Dec.21 2007) and finally 0.7193 (low Dec.20 2007). On the other hand, the initial resistance aligns at 0.7344 (high Feb.25) followed by 0.7348 (high Feb.24) and then 0.7405 (high Feb.23).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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