EUR/GBP consolidates near 6-year lows

FXStreet (Córdoba) - EUR/GBP is falling for a sixth day in a row on Wednesday, having scored a fresh 8-month low during the European session, weighed by growing speculation of QE after an adviser to European Court of Justice said the ECB can legally buy large quantities of sovereign bonds.

EUR/GBP dropped its its lowest level in over 6 years at 0.7732 before recovering some ground and settling in a range within a touching distance of lows. At time of writing, the pair is trading at 0.7740, recording a 0.31% loss on the day.

EUR/GBP technical levels

As for technical levels, EUR/GBP could find immediate supports at 0.7732 (Jan 14 low), 0.7693 (Oct 20 2008 low) and 0.7664 (Mar 14 2008 low). On the flip side, resistances are seen at 0.7780 (daily high) and 0.7800 (psychological level).