18 Feb 2015
EUR/GBP falls below 0.74
FXStreet (Mumbai) - The GBP strengthened post an upbeat employment data and the Bank of England (BOE) minutes, pushing the EUR/GBP pair below 0.74 levels.
Pound gains as rate hike in 2015 still on table
The BOE minutes released today showed two MPC members in favor of an interest rate hike in 2015, while all members are of the opinion that rates will rise over next three years. The prospects of an early interest rate hike could rise if the inflation rises ‘failry sharply’ as expected by the BOE after oil effects fade. The slightly hawkish tone of the policy helped GBP strengthen across the board.
Meanwhile, another set of data showed, the jobless claims declined 38.6K in January, beating the estimated fall of 25K. The upbeat jobs data further added to the bullish momentum in GBP pairs.
EUR/GBP Technical Levels
The pair fell from high of 0.7430 to trade at 0.7382; down 0.67% for the day. The immediate support is seen at 0.7373, under which losses could be extended to 0.7340 levels. On the flip side, resistance is seen at 0.7408 (10-DMA) and 0.7442 levels.
Pound gains as rate hike in 2015 still on table
The BOE minutes released today showed two MPC members in favor of an interest rate hike in 2015, while all members are of the opinion that rates will rise over next three years. The prospects of an early interest rate hike could rise if the inflation rises ‘failry sharply’ as expected by the BOE after oil effects fade. The slightly hawkish tone of the policy helped GBP strengthen across the board.
Meanwhile, another set of data showed, the jobless claims declined 38.6K in January, beating the estimated fall of 25K. The upbeat jobs data further added to the bullish momentum in GBP pairs.
EUR/GBP Technical Levels
The pair fell from high of 0.7430 to trade at 0.7382; down 0.67% for the day. The immediate support is seen at 0.7373, under which losses could be extended to 0.7340 levels. On the flip side, resistance is seen at 0.7408 (10-DMA) and 0.7442 levels.