Euro Sterling bounces from 7 year low

EUR/GBP managed to trim losses and bounced after striking a fresh 7-year low on Thursday as the pound strengthened broadly on the back of a hawkish BoE Quarterly Inflation Report. With Greek concerns also weighing on the pair, EUR/GBP dropped below 0.7400 and fell to a fresh 7-year low of 0.7370 before finding buyers and recovering some ground as Ukraine hopes are helping the euro. EUR/GBP is currently trading at the 0.7410 zone, still down 0.32% on the day.

EUR/GBP levels to watch In terms of technical levels, next supports are seen at 0.7370 (7-year low Feb 12) and 0.7320 (Jan 2008 low) ahead of 0.7300 (psychological level). On the flip side, resistances could be found at 0.7455 (pre-BoE QIR high) and 0.7467 (10-day SMA).

#Euro #eur #gbp #sterling #gbplows