20 Feb 2015
EUR/GBP: Pound unmoved by disappointing UK data
FXStreet (Mumbai) - EUR/GBP recovered from close to seven year low levels and remained little changed by the bearish retail sales numbers from the UK which fell to its yearly lows.
Euro group meeting in focus
The EUR/GBP pair trades -0.13% lower at 0.7366 levels, bouncing-off nearly seven year lows at 0.7340 levels. EUR/GBP remained little affected by the sluggish UK data which revealed that the retail sales in the Britain both including fuel and excluding fell below. The pound kept losses versus the Euro and did not move much post data as markets had already priced-in weaker retail volumes data.
On the other hand, the Euro continues to remain pressured mainly on uncertainties surrounding Greece ahead of the Euro group meeting to reach a final agreement on the Greek debt extension.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7371 and above which it could extend gains to at 0.7400 levels. To the downside immediate support might be located at 0.7335 and below that at 0.7300 levels.
Euro group meeting in focus
The EUR/GBP pair trades -0.13% lower at 0.7366 levels, bouncing-off nearly seven year lows at 0.7340 levels. EUR/GBP remained little affected by the sluggish UK data which revealed that the retail sales in the Britain both including fuel and excluding fell below. The pound kept losses versus the Euro and did not move much post data as markets had already priced-in weaker retail volumes data.
On the other hand, the Euro continues to remain pressured mainly on uncertainties surrounding Greece ahead of the Euro group meeting to reach a final agreement on the Greek debt extension.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7371 and above which it could extend gains to at 0.7400 levels. To the downside immediate support might be located at 0.7335 and below that at 0.7300 levels.