5 Nov 2014
EUR/GBP reverses and turns negative
FXStreet (Córdoba) - The euro erased all gains versus the pound and approached yesterday's lows. EUR/GBP printed a fresh daily low at 0.7812, after falling from 0.7860.
During the European session the pair climbed to 0.7863, the strong levels since last Friday, boosted by weak data from the UK where the PMI service sector index fell to the lowest in 17 months.
The pair lost momentum and pulled back. Recently as the GBP/USD jumped from 1.5900 toward 1.6000, broke below 0.7835 (previous daily low) and plummeted to 0.7812. Currently trades at 0.7820/24, 15 pips below today’s opening price.
EUR/GBP near 2014 ahead of central banks
So far during the current week the pair was unable to move away from November lows that lie around 0.7800 ahead of the ECB and BoE meetings. Also remain close to 2014 lows (0.7765), after being rejected from above 0.8000.
During the European session the pair climbed to 0.7863, the strong levels since last Friday, boosted by weak data from the UK where the PMI service sector index fell to the lowest in 17 months.
The pair lost momentum and pulled back. Recently as the GBP/USD jumped from 1.5900 toward 1.6000, broke below 0.7835 (previous daily low) and plummeted to 0.7812. Currently trades at 0.7820/24, 15 pips below today’s opening price.
EUR/GBP near 2014 ahead of central banks
So far during the current week the pair was unable to move away from November lows that lie around 0.7800 ahead of the ECB and BoE meetings. Also remain close to 2014 lows (0.7765), after being rejected from above 0.8000.