25 Mar 2015
EUR/GBP backs-off fresh 1-month highs above 0.7375 on German data
FXStreet (Mumbai) - The shared currency continues to outperform the British pound during the mid-European session, although the EUR/GBP cross retreated from fresh monthly highs, despite solid German Ifo numbers which reflected that business morale in Germany improved further in March for the fifth straight month.
EUR/GBP drops from 0.7377 levels
Currently, the EUR/GBP cross traded higher by 0.14% at 0.7368, quickly retracing from fresh one month highs at 0.7377 levels posted before data release. The cross in EUR/GBP eases from highs after the release of impressive German data largely as markets had already priced-in an upbeat result and hence the cross failed to build further momentum.
Business sentiment among Germany's top executives improved again in March, confirming a modest recovery in the country is taking hold. The headline Ifo Business Climate Index rose to 107.9 during March, above the 106.8 booked in February, beating forecasts of 107.3 points. The gauge has shown a rising tendency for the fifth successive month.
On the other hand, the pound remains lifted across the board on BOE Shafik’s comments and weaker US dollar ahead of US consumer durable data later today.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7400 and above which it could extend gains to at 0.7432 levels. To the downside immediate support might be located at 0.7340 levels below that at 0.7300 levels.
EUR/GBP drops from 0.7377 levels
Currently, the EUR/GBP cross traded higher by 0.14% at 0.7368, quickly retracing from fresh one month highs at 0.7377 levels posted before data release. The cross in EUR/GBP eases from highs after the release of impressive German data largely as markets had already priced-in an upbeat result and hence the cross failed to build further momentum.
Business sentiment among Germany's top executives improved again in March, confirming a modest recovery in the country is taking hold. The headline Ifo Business Climate Index rose to 107.9 during March, above the 106.8 booked in February, beating forecasts of 107.3 points. The gauge has shown a rising tendency for the fifth successive month.
On the other hand, the pound remains lifted across the board on BOE Shafik’s comments and weaker US dollar ahead of US consumer durable data later today.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7400 and above which it could extend gains to at 0.7432 levels. To the downside immediate support might be located at 0.7340 levels below that at 0.7300 levels.