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12 Mar 2015
EUR/GBP uninspired by EMU data
FXStreet (Mumbai) - EUR/GBP remained muted during the European session, after the release of Euro zone industrial production numbers which reflected that industrial production doubled its growth on the year-on-year basis in January.
EUR/GBP stuck around 0.7070
Currently, the EUR/GBP cross trades flat at 0.7069 levels, hovering below session highs at 0.7092 levels, awaiting fresh incentives. The cross in EUR/GBP remained flat, as the shared currency remains little affected by the better than forecasts euro zone industrial output data which showed that the gauge started the new year with a 1.2% upturn, up from the upwardly revised 0.6% growth seen in December, beating expectations of a 0.1% hike in January.
On the other hand, pound remains lifted on the back of broad USD weakness and above expectations trade balance data from the UK.
Meanwhile, traders await speech by BundesBank’s J.Weidmann and US economic releases later in the day for further momentum.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7100 and above which it could extend gains to at 0.7150 levels. To the downside immediate support might be located at 0.7035 levels below that at 0.7011 levels.
EUR/GBP stuck around 0.7070
Currently, the EUR/GBP cross trades flat at 0.7069 levels, hovering below session highs at 0.7092 levels, awaiting fresh incentives. The cross in EUR/GBP remained flat, as the shared currency remains little affected by the better than forecasts euro zone industrial output data which showed that the gauge started the new year with a 1.2% upturn, up from the upwardly revised 0.6% growth seen in December, beating expectations of a 0.1% hike in January.
On the other hand, pound remains lifted on the back of broad USD weakness and above expectations trade balance data from the UK.
Meanwhile, traders await speech by BundesBank’s J.Weidmann and US economic releases later in the day for further momentum.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7100 and above which it could extend gains to at 0.7150 levels. To the downside immediate support might be located at 0.7035 levels below that at 0.7011 levels.