20 Feb 2015
EUR/GBP: Bid on sentiment for a Greek deal to be done
FXStreet (Guatemala) - EUR/GBP is currently trading at 0.7390 with a high of 0.7398 and a low of 0.7339.
EUR/GBP is popping up to test the 0.74 handle as the meeting in Brussels, yet another, gets underway. The latest is that there has been a mix up that has been reported of a letter sent out with mistakes from the Greeks in respect of what they wanted to propose to the Eurogroup in terms of their bailout requirements.
Meanwhile, the market is still convinced that a deal will be brokered at the 11th hour which is supporting the euro currently, and just earlier the UK's retails sales were a shocking disaster which has lead to the pound starting out the day on the back foot. Technically, the Elliott wave count on the daily suggests that there is scope for a deeper retracement to 0.7700/0.7905, according to Karen Jones, chief analyst at Commerzbank. "But the intraday charts are more neutral suggesting moves lower are likely to remain limited for now."
EUR/GBP is popping up to test the 0.74 handle as the meeting in Brussels, yet another, gets underway. The latest is that there has been a mix up that has been reported of a letter sent out with mistakes from the Greeks in respect of what they wanted to propose to the Eurogroup in terms of their bailout requirements.
Meanwhile, the market is still convinced that a deal will be brokered at the 11th hour which is supporting the euro currently, and just earlier the UK's retails sales were a shocking disaster which has lead to the pound starting out the day on the back foot. Technically, the Elliott wave count on the daily suggests that there is scope for a deeper retracement to 0.7700/0.7905, according to Karen Jones, chief analyst at Commerzbank. "But the intraday charts are more neutral suggesting moves lower are likely to remain limited for now."