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Currency Market News

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Technical Levels for GBPEUR exchange rates
27 November 2015

GBP/EUR rates have seen a 10 cent increase since October, welcome news to those who are looking to buy property in Europe as a €200k property is now over £10,000 cheaper. Rates are currently near the best buying levels seen since pre-recession in 2008 and importantly remain in an upward trend with the Euro continuing to suffer as the ECB put off investors with the speculation of further monetary easing and rate cuts. Whilst the pound is not as strong as it was in the summer, the weak Euro could still see key levels targeted in the coming weeks and months.

Initially a target of the year high so far at 1.4417 is very likely unless the ECB backtrack on their intentions to add further Quantitative Easing. Above this 1.45 should come into sight very quickly which will be a key level of resistance to dictate whether or not a move to 1.50 is possible in 2016, levels that have not been seen since January 2007. GBP/EUR is currently well supported by a number of significant levels that should keep rates higher whilst the Euro is so weak. The round 1.40 is a strong level of support now that we are trading above it again, although a slip below it would likely open up selling down to 1.3850, with the current 2 year trend supporting around 1.35 as a worst case scenario.

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