Friday, November 20, 2015

EUR/GBP supported near 0.70, Draghi eyed

FXStreet (Edinburgh) - EUR/GBP is now looking to regain further ground after bottoming out in the boundaries of the critical support at 0.7000 in early trade.

EUR/GBP focus on Draghi

The European cross is trying to stabilize in the low-0.7000s after dropping to the 0.6980 area on Wednesday, all amidst a better tone around the single currency and a persistent sell-off around the US dollar.

Data wise in Euroland, President M.Draghi will give a speech later in the session, followed by UK’s Public Sector Finance figures for the month of October.

EUR/GBP important levels

As of writing the cross is losing 0.11% at 0.7013 facing the next support at 0.6985 (low Nov.17) ahead of 0.6948 (low Aug.5) and then 0.6934 (2015 low Jul.17). On the upside, a surpass of 0.7049 (downtrend from 0.7496) would expose 0.7101 (23.6% Fibo of 0.7496-0.6979) and then 0.7198 (100-day sma).
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