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18 Feb 2013
Forex: EUR/GBP falls on ECB Draghi's speech
The euro is being pressured by ECB's Draghi words as he speaks before the European Parliament. He said the central bank's stance is accomodative and that the exchange rate, while not a policy target, it is important for growth and price stability. Eurozone weakness is expected to continue throughout 2013.
The EUR/GBP has fallen on the speech, just like the EUR/USD, easing from 0.8635 down to 0.8615, for now. Still, the cross trades higher on the day, slightly above the opening price of 0.8610.
Mataf.net analysts point to resistance at 0.8650, 0.8685 and 0.8725. On the downside, supports might be found at 0.8620, 0.8575 and 0.8545.
The EUR/GBP has fallen on the speech, just like the EUR/USD, easing from 0.8635 down to 0.8615, for now. Still, the cross trades higher on the day, slightly above the opening price of 0.8610.
Mataf.net analysts point to resistance at 0.8650, 0.8685 and 0.8725. On the downside, supports might be found at 0.8620, 0.8575 and 0.8545.