30 Apr 2015
EUR/GBP hits fresh 2-week highs near 0.7265
FXStreet (Mumbai) - The shared currency erased losses and advanced versus the British pound heading in the European morning; driving EUR/GBP to fresh two-week highs beyond 1.72 barrier, as markets ignored weak German labour data and rallied largely on broad euro strength.
EUR/GBP rises from 0.7240
Currently, the EUR/GBP cross trades 0.82% higher at fresh two week highs at 0.7266, rising from 0.7240 before the data release. The cross in EUR/GBP extended gains, shrugging off weak German retails sales and the employment numbers.
The number of people out of a job in Germany fell by 8,000 during April, compared to expectations for a drop of 15,000. While, previously retail turnover gave up 2.3% in real terms m/m in March, compared to a 0.5% decrease in Feb, against market expectations of a 0.5% gain.
However, the gain in the EUR/GBP cross were restricted by broadly stronger pound after the US dollar resumed its pre- FOMC statement sell-off.
Meanwhile, a series of economic releases from the Euro zone later in the session may provide fresh incentives on the cross.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7300 and above which it could extend gains to at 0.7351 levels. To the downside immediate support might be located at 0.7200 levels below that at 0.7133 (April 29 Low) levels.
EUR/GBP rises from 0.7240
Currently, the EUR/GBP cross trades 0.82% higher at fresh two week highs at 0.7266, rising from 0.7240 before the data release. The cross in EUR/GBP extended gains, shrugging off weak German retails sales and the employment numbers.
The number of people out of a job in Germany fell by 8,000 during April, compared to expectations for a drop of 15,000. While, previously retail turnover gave up 2.3% in real terms m/m in March, compared to a 0.5% decrease in Feb, against market expectations of a 0.5% gain.
However, the gain in the EUR/GBP cross were restricted by broadly stronger pound after the US dollar resumed its pre- FOMC statement sell-off.
Meanwhile, a series of economic releases from the Euro zone later in the session may provide fresh incentives on the cross.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7300 and above which it could extend gains to at 0.7351 levels. To the downside immediate support might be located at 0.7200 levels below that at 0.7133 (April 29 Low) levels.