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6 Mar 2014
EUR/GBP rallies on ECB
FXStreet (Guatemala) - EUR/GBP has scored a high of 0.8290 so far on the back of comments from Draghi and The European Central Bank keeping interest rates unchanged.
EUR/GBP has benefitted from the stronger inflation and economic output in the EZ that has reduced the need for ECB officials to take action at this stage. The BoE was universally expected to leave interest rates on hold, as they did today, as well as QE unchanged at 0.5% and £375bn, respectively. Regardless, the pound has remained on the key 1.67 handle while the EUR/USD was the real driver of the cross and rallied a big figure into oversold readings on RSI from 1.3740.
EUR/GBP Levels
The 20 DMA is 0.8243, the 50 DMA is 0.8265 and the 200 DMA is 0.8431. RSI (14) reads 83.26.
EUR/GBP has benefitted from the stronger inflation and economic output in the EZ that has reduced the need for ECB officials to take action at this stage. The BoE was universally expected to leave interest rates on hold, as they did today, as well as QE unchanged at 0.5% and £375bn, respectively. Regardless, the pound has remained on the key 1.67 handle while the EUR/USD was the real driver of the cross and rallied a big figure into oversold readings on RSI from 1.3740.
EUR/GBP Levels
The 20 DMA is 0.8243, the 50 DMA is 0.8265 and the 200 DMA is 0.8431. RSI (14) reads 83.26.