EUR/GBP a round turn on Greece, closing Europe in the red

FXStreet (Guatemala) – EUR/GBP is currently trading at 0.7089 with a high of 0.7147 a low of 0.7073.

EUR/GBP has closed the european session down and close to the lows of the price action.

EUR/GBP price action

EUR/GBP was offered in Asia and managed to rally 0.7126 from 0.7082 lows until supply took the cross down to test 0.71 the figure until session highs 0.7127. Strong offers to 0.7038 and session lows .

EUR/GBP fundamentals in the hands of Greek headlines

The referendum is firmly scheduled to take place this weekend and despite new proposals from Greece. Athens put forward a new proposal to the creditors today of a 2-year bailout program that will not include the IMF. However, it appears that the referendum needs to take place now before anything new can be considered. From the calendar, CPI’s in Europe were in line while UK GDP q/q came in line and y/y printed better than expectations at 2.5% vs actual 2.9%.

EUR/GBP technically

EUR/GBP bulls have placed themselves on the map with a key day reversal form the base of the six year channel on the bearish gaps lows at the start of the FX week this week. However, the 55 DMA was a heavy psychological barrier just above the 0.72 handle at 0.7212 and the upside failed within the descending resistance line at 0.7210/50. support comes at the 0.71 handle here that is currently being pressured. Karen Jones, chief analyst at Commerzbank suggest that failures through 0.6985/0.7080 will target the 0.6571/41 2007 low.

EUR/GBP is currently trading at 0.7089 with a high of 0.7147 a low of 0.7073.

(Market News Provided by FXstreet)