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Forex: EUR/GBP moves to daily lows in 0.8750

By FXstreet.com,  November 04, 2010, 10:35:00 AM EDT

FXstreet.com (Barcelona) - The EUR/GBP swung from daily highs above 0.8800 to lows near 0.8750 following the decision by both the BoE and ECB to maintain monetary policy unchanged. The British pound has gained the most from the two events, as recent improvements in UK Q3 growth has weakened the need for additional stimulus from the central bank.

At time of writing, the EUR/GBP quotes at 0.8752 where it looks for support from further downside movements. According to Mataf.net, immediate support is listed at 0.8730 and 0.8695 while resistance is placed at 0.8810, 0.8855 and 0.8880.




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

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