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29 Dec 2014
EUR/GBP recovers ahead of Greek vote
FXStreet (Mumbai) - The EUR/GBP recovered early losses ahead of the European session as lawmakers in Greece embark on a final effort to elect a president and avoid a snap election that could hurt its international bailout program.
The pair currently trades 0.04% lower at 0.7827, after having recovered from the low of 0.7821. The Greek parliament has failed in the last two attempts to elect a president. Moreover, If no president is chosen, a general election will automatically be triggered. Markets fear that the early poll would be won by the anti-austerity, radical leftist Syriza party and could hurt Greece’s bailout process initiated by the European Union and the International Monetary Fund. Thus, the single current may decline if the Greek parliament fails to elect a president today.
EUR/GBP Technical Levels
The immediate resistance is seen at 0.7829, followed by another resistance at 0.7840 (5-DMA) levels. Meanwhile, support is seen at 0.7820 and 0.7800 levels.
The pair currently trades 0.04% lower at 0.7827, after having recovered from the low of 0.7821. The Greek parliament has failed in the last two attempts to elect a president. Moreover, If no president is chosen, a general election will automatically be triggered. Markets fear that the early poll would be won by the anti-austerity, radical leftist Syriza party and could hurt Greece’s bailout process initiated by the European Union and the International Monetary Fund. Thus, the single current may decline if the Greek parliament fails to elect a president today.
EUR/GBP Technical Levels
The immediate resistance is seen at 0.7829, followed by another resistance at 0.7840 (5-DMA) levels. Meanwhile, support is seen at 0.7820 and 0.7800 levels.