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31 Aug 2015
EUR/GBP testing lows 0.7265 on EZ CPI
FXStreet (Mumbai) - The cross in the EUR/GBP defends mild gains and mires near session lows in the med- European trades, as the above estimates Euro zone CPI figures failed to lift the sentiment around the common currency.
EUR/GBP capped below 0.7300
Currently, the EUR/GBP pair trades 0.10% higher at 0.7268, languishes near fresh session lows of 0.7262 struck pre-data release. The EUR/GBP cross keeps the green as the traders continued to ignore upbeat data releases reported from the Eurozone and Germany on Monday.
A preliminary reading showed the inflation rate in the 19 –nation bloc 0.2% higher than a year earlier in August, following the same as seen in July. Economic desks had anticipated a slowdown to 0.1% growth. Earlier the German retail turnover rose 1.4% m/m in July, up from a 2.3% decline recorded in June, coming in above market expectations of a 1.1% increase.
On the GBP-side, the cable floats above 1.54 handle with no fresh fundamental triggers amid thin volumes as the UK markets remain closed in observance of Summer bank holiday.
EUR/GBP Technical Levels
To the upside, the next resistance is located at 0.7298 (Today’s High) levels and above which it could extend gains 0.7335 (Aug 27 High) levels. To the downside immediate support might be located at 0.7248 (Today’s Low) below that at 0.7194 (June 12 Low).
EUR/GBP capped below 0.7300
Currently, the EUR/GBP pair trades 0.10% higher at 0.7268, languishes near fresh session lows of 0.7262 struck pre-data release. The EUR/GBP cross keeps the green as the traders continued to ignore upbeat data releases reported from the Eurozone and Germany on Monday.
A preliminary reading showed the inflation rate in the 19 –nation bloc 0.2% higher than a year earlier in August, following the same as seen in July. Economic desks had anticipated a slowdown to 0.1% growth. Earlier the German retail turnover rose 1.4% m/m in July, up from a 2.3% decline recorded in June, coming in above market expectations of a 1.1% increase.
On the GBP-side, the cable floats above 1.54 handle with no fresh fundamental triggers amid thin volumes as the UK markets remain closed in observance of Summer bank holiday.
EUR/GBP Technical Levels
To the upside, the next resistance is located at 0.7298 (Today’s High) levels and above which it could extend gains 0.7335 (Aug 27 High) levels. To the downside immediate support might be located at 0.7248 (Today’s Low) below that at 0.7194 (June 12 Low).