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16 Jul 2015
EUR/GBP penetrated base of 6 year channel, eyes 2007 lows
FXStreet (Guatemala) - EUR/GBP is currently trading at 0.6988 with a high of 0.7011 and a low of 0.6962.
EUR/GBP was plummeting towards the 0.7000 level yesterday and found that there was little in its way when it was able to easily drift through the handle and penetrate deeper levels, today scoring the lowest level since 2007.
Carney has been driving Sterling this week when suggesting that rate hikes are n the way when he said, "the point at which interest rates may begin rising is moving closer," which sent the pound bid across the board.
In respect of Greece, the parliament reluctantly voted yes to the reform changes and conditions of an agreement on a third bailout package, however, much of the yes vote had been priced in to the euro so there was little relief from an overshadowing scenario in respect to the ECB's QE programme and to that of the Fed's intent on raising interest rates later this year, leaving the euro dragging its heals and exposed while traders off-load the single currency again now that the Greek uncertainties are less uncertain.
The ECB decided to lift the ELA ceiling for Greek banks by €900 million, as conditions have been met and Banks are due to open next Monday in Greece. At the same time, EU finance ministers agreed on € 7 billion bridge loan for Greece to come from the European Financial Stabilisation Mechanism (EFSM), according to EU Juncker.
EUR/GBP technically broke down
EUR/GBP broke down to the base of the 6 year channel at 0.6967, scoring a a few pips beyond and on further selling in the euro the next key level are the 2007 lows at 0.6574 and 0.6536.
EUR/GBP was plummeting towards the 0.7000 level yesterday and found that there was little in its way when it was able to easily drift through the handle and penetrate deeper levels, today scoring the lowest level since 2007.
Carney has been driving Sterling this week when suggesting that rate hikes are n the way when he said, "the point at which interest rates may begin rising is moving closer," which sent the pound bid across the board.
In respect of Greece, the parliament reluctantly voted yes to the reform changes and conditions of an agreement on a third bailout package, however, much of the yes vote had been priced in to the euro so there was little relief from an overshadowing scenario in respect to the ECB's QE programme and to that of the Fed's intent on raising interest rates later this year, leaving the euro dragging its heals and exposed while traders off-load the single currency again now that the Greek uncertainties are less uncertain.
The ECB decided to lift the ELA ceiling for Greek banks by €900 million, as conditions have been met and Banks are due to open next Monday in Greece. At the same time, EU finance ministers agreed on € 7 billion bridge loan for Greece to come from the European Financial Stabilisation Mechanism (EFSM), according to EU Juncker.
EUR/GBP technically broke down
EUR/GBP broke down to the base of the 6 year channel at 0.6967, scoring a a few pips beyond and on further selling in the euro the next key level are the 2007 lows at 0.6574 and 0.6536.