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28 Jan 2015
EUR/GBP edges lower, trades at 5-DMA
FXStreet (Mumbai) - The common currency edged lower against the British pound, erasing cheerful German consumer climate data-backed gains as the Euro tumbled to fresh session lows against the US dollar.
EUR/GBP down from 0.7490 levels
The EUR/GBP pair traded at 0.7467 levels, down -0.31% on the day, having posted fresh session lows at 0.7459 levels. The EUR/GBP cross declined shrugging off upbeat German data, as the Euro fell to fresh lows versus the US dollar. While, traders now await the Federal Reserve's (Fed) meeting conclusion and any hints on a timetable for a possible rate hike.
Moreover, comments by European Commission Vice-President EC Vice-President Valdis Dombrovskis at the ECOFIN press conference also added to the downside in the cross.
Dombrovskis said, "The economic recovery in Europe is still fragile, slow and uneven."
"Our discussions today covered the economic situation in Europe, measures to strengthen the economic recovery, Greece following Sunday's elections, financial support to Ukraine, and the future of the Economic and Monetary Union."
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7512 and above which it could extend gains to at 0.7583 levels. To the downside immediate support might be located at 0.7427 and below that at 0.7400 levels.
EUR/GBP down from 0.7490 levels
The EUR/GBP pair traded at 0.7467 levels, down -0.31% on the day, having posted fresh session lows at 0.7459 levels. The EUR/GBP cross declined shrugging off upbeat German data, as the Euro fell to fresh lows versus the US dollar. While, traders now await the Federal Reserve's (Fed) meeting conclusion and any hints on a timetable for a possible rate hike.
Moreover, comments by European Commission Vice-President EC Vice-President Valdis Dombrovskis at the ECOFIN press conference also added to the downside in the cross.
Dombrovskis said, "The economic recovery in Europe is still fragile, slow and uneven."
"Our discussions today covered the economic situation in Europe, measures to strengthen the economic recovery, Greece following Sunday's elections, financial support to Ukraine, and the future of the Economic and Monetary Union."
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7512 and above which it could extend gains to at 0.7583 levels. To the downside immediate support might be located at 0.7427 and below that at 0.7400 levels.