26 Mar 2015
EUR/GBP: Pound rises to 0.7360 post robust UK data
FXStreet (Mumbai) - The British pound outperformed the single currency in the mid-European session, dragging EUR/GBP into losses, as retail sales in the UK bounced back in February, after disappointing results in January, with all sectors of retail enjoying an increase in sales.
EUR/GBP struggling around 0.7370
Currently, the EUR/GBP cross trades slightly lower at 0.7368, retreating from 0.7375 levels before data release. The cross in EUR/GBP turned in red as the pound received impetus from upbeat retail sales data from the UK.
Total retail sales, including fuel, rose 0.7% against an expected 0.4% as did sales excluding fuel. However fuel store sales rose a meagre 0.4% compared with January's impressive 10 month high of 3.6%. Year-on-year total sales were up by 5.7%, again higher than expectations.
On the other hand, the euro remains lifted amid increased appeal for safe-haven amid the ongoing Saudi-Yemen crisis.
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 struggling around 0.7370
Currently, the EUR/GBP cross trades slightly lower at 0.7368, retreating from 0.7375 levels before data release. The cross in EUR/GBP turned in red as the pound received impetus from upbeat retail sales data from the UK.
Total retail sales, including fuel, rose 0.7% against an expected 0.4% as did sales excluding fuel. However fuel store sales rose a meagre 0.4% compared with January's impressive 10 month high of 3.6%. Year-on-year total sales were up by 5.7%, again higher than expectations.
On the other hand, the euro remains lifted amid increased appeal for safe-haven amid the ongoing Saudi-Yemen crisis.
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.