EUR/GBP breaches 0.7300 on Draghi

By FXStreet FXStreet (Edinburgh) – The selling pressure is rapidly building up around the single currency, pushing EUR/GBP to the 0.7280 area, or 3-day lows.

EUR/GBP lower on dovish Draghi

The European cross has accelerated its multi-day decline following the more dovish than expected tone from President Draghi at today’s ECB meeting. The central bank has lowered its forecasts for inflation and economic growth in the region, while Draghi slipped the possibility that consumer prices could visit the negative territory in next months. He also signalled that current softness in energy prices could have a ‘transitory’ effect on the region’s CPI.

EUR/GBP key levels

At the moment the cross is down 0.66% at 0.7289 and a break below 0.7259 (low Aug.28) would aim for 0.7151 (low Aug.21) and then 0.7091 (low Aug.20). On the other hand, the initial hurdle aligns at 0.7376 (high Sep.3) followed by 0.7398 (high Sep.2) and finally 0.7423 (high Aug.24).
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Source:: FX Street