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EUR/GBP Small Rebound to 0.7300 from 0.7260

Posted by Chris Advincula on Feb 27, 2015 7:59:00 AM

EURGBP.2.27 resized 600Chart: WorldWideMarkets Alpha Trader

The euro made a modest rebound on early corporate demand in Europe to a high of 0.7297 from the low of 0.7255 against the sterling pound. 3 pips shy of the resistance of 0.7300 met with headwind selling of euro. Speculation talks of a major European bank of month-end buying at the 0.7260 level. Support seen at 0.7250. Euro selling resumed prior to the NY open as gains were unsustainable.

The GBPUSD on the other hand,  was pushed lower to 1.5385 from 1.5450 against the US Dollar from the euro-sterling price action. 

Topics: EURO, forex trading, European Session, EURGBP, Fundamental Analysis, Sterling

 

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