Forex: EUR/GBP down on ECB Draghi speech

By
A A A
Share |

FXstreet.com (Barcelona) - Just ahead of the ECB's Draghi speech before the European Parliament, the market was already selling the EUR. The European Central Bank's President Mario Draghi presented the European Systemic Risk Board (ESRB) to protect the economy from the financial system with macroprudential perspective. He insisted on the need of fiscal reforms by politicians and said that the banking union proposal is welcomed by the ESRB.

The EUR/GBP fell from just below 0.8100 to 0.8065 low, -0.34% lower on the day ( GMT ). The cross is trying to stop the bleeding ahead of the UK data (industrial production, manufacturing production, trade balance).

"The market continues to faces tough overhead resistance between 0.8114/757, these represent the recent high, the 200 day ma and the June high", wrote Commerzbank analyst Karen Jones, expecting an eventual drop to 0.7941/26 (Fibonacci support and the 55 day ma).



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.



This article appears in: Investing , Forex and Currencies

Referenced Stocks: GMT

FXstreet.com

FXstreet.com

More from FXstreet.com:

Related Videos

Stocks

Referenced

Most Active by Volume

66,113,350
  • $16.185 ▲ 0.34%
53,209,191
  • $59.26 ▼ 0.77%
48,272,738
  • $26.68 ▲ 2.14%
34,786,724
  • $86.48 ▲ 0.35%
32,190,465
  • $24.02 ▲ 6.85%
31,736,199
  • $23.17 ▲ 0.61%
24,325,411
  • $22.97 ▲ 35.12%
24,046,660
  • $40.05 ▼ 0.87%
As of 4/17/2014, 02:19 PM