27 Jan 2015
EUR/GBP at session highs after UK GDP data
FXStreet (Mumbai) - The EUR/GBP rose to 0.7507 levels after the UK Q4 GDP data printed lower-than-expected.
The pair now trades 0.71% higher for the day at 0.7507 levels as the EUR demand driven rally was further bolstered by weakness in the GBP/USD pair following a disappointing UK Q4 GDP. The preliminary data showed UK Q4 GDP at 2.7% year-on-year, which is lower than the expected print of 2.8%. The British Pound fell as a weaker-than-expected data may delay interest rate hike in the UK. On the other hand, the EUR continues the technical recovery across the board. The fears of Swiss National Bank’s intervention have also supported gains in the EUR today.
EUR/GBP Technical levels
The immediate support is seen at 0.7476 (5-DMA), under which the pair could test 0.7434 levels. Meanwhile, resistance is seen at 0.7515 and 0.7552 levels.
The pair now trades 0.71% higher for the day at 0.7507 levels as the EUR demand driven rally was further bolstered by weakness in the GBP/USD pair following a disappointing UK Q4 GDP. The preliminary data showed UK Q4 GDP at 2.7% year-on-year, which is lower than the expected print of 2.8%. The British Pound fell as a weaker-than-expected data may delay interest rate hike in the UK. On the other hand, the EUR continues the technical recovery across the board. The fears of Swiss National Bank’s intervention have also supported gains in the EUR today.
EUR/GBP Technical levels
The immediate support is seen at 0.7476 (5-DMA), under which the pair could test 0.7434 levels. Meanwhile, resistance is seen at 0.7515 and 0.7552 levels.