28 Apr 2015
EUR/GBP keeps range circa 0.7140
FXStreet (Mumbai) - The British pound continues to trade in a narrow range versus the shared currency heading in to the European opening bells; with EUR/GBP oscillating within a 10-pips band, as markets eagerly await UK Q1 GDP data for fresh cues on the cross.
UK GDP data in focus
Currently, the EUR/GBP cross trades -0.13% lower at 0.7141, having posted session lows at 0.7136 and highs at 0.7146. The cross in EUR/GBP keeps losses and steadies this morning, as traders are awaiting fresh incentives from the upcoming UK GDP figures for further momentum on the cross.
The first estimate of first-quarter growth in the UK is expected to show the UK economy slowed modestly at the start of this year to a quarterly growth of 0.5%, down from 0.6% in Q4 2014.
Meanwhile, broad USD softness overshadows looming Greece concerns which keeps the shared currency buoyed across the board, underpinning the EUR/GBP cross.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7175 (April 27 High) and above which it could extend gains to at 0.7200 levels. To the downside immediate support might be located at 0.7114 (April 23 Low) levels below that at 0.7090 (March 16 Low) levels.
UK GDP data in focus
Currently, the EUR/GBP cross trades -0.13% lower at 0.7141, having posted session lows at 0.7136 and highs at 0.7146. The cross in EUR/GBP keeps losses and steadies this morning, as traders are awaiting fresh incentives from the upcoming UK GDP figures for further momentum on the cross.
The first estimate of first-quarter growth in the UK is expected to show the UK economy slowed modestly at the start of this year to a quarterly growth of 0.5%, down from 0.6% in Q4 2014.
Meanwhile, broad USD softness overshadows looming Greece concerns which keeps the shared currency buoyed across the board, underpinning the EUR/GBP cross.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7175 (April 27 High) and above which it could extend gains to at 0.7200 levels. To the downside immediate support might be located at 0.7114 (April 23 Low) levels below that at 0.7090 (March 16 Low) levels.