EUR/GBP grinding lower to 0.7200

May 19, 2015

The selling pressure remains unchanged around the sterling and the euro during the first half of the week, sending EUR/GBP to the low-0.7200s so far.

EUR/GBP attention to EMU, UK releases

The European cross has started the week on a negative note, retreating for the second consecutive session so far and on its way to challenge the key support at 0.7200 the figure.

Ahead in the session, EMU’s inflation figures and the ZEW Survey in Germany and the euro area are due, while April’s CPI will be the main event across the Channel.

EUR/GBP relevant levels

At the moment the cross is down 0.22% at 0.7211 with the next support at 0.7200 (psychological level) ahead of 0.7123 (low May 13) and then 0.7118 (low Apr.23). On the flip side, a breakout of 0.7239 (high May 15) would expose 0.7252 (daily cloud base) and then 0.7257 (high May 11). 

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