23 Jul 2015
EUR/GBP shoots beyond 0.7050 on dismal UK data
FXStreet (Mumbai) - The British pound surrendered all its gains against the single currency in the European morning, boosting EUR/GBP to fresh session highs, as disappointing retail sales data from the UK dragged sterling lower across the board.
EUR/GBP rises from 0.7019
Currently, the EUR/GBP pair 0.73% lower at fresh session highs of 0.7050, jumping nearly 30 pips on data release. The cross in EUR/GBP jolted higher mainly as the pound was hammered by the shared currency after UK retail sales data came out below expectations.
Defying market expectations of better show, UK retail sales for June came out at -0.2%, down from 0.3% in May, while the core gauge month-on-month printed -0.2%, also lower than the 0.4% in May.
On the other hand, the European currency remains strongly bid versus the greenback as markets continue to cheer the Greek parliamentary approval of the second round of reforms package early on Thursday.
EUR/GBP Technical Levels
To the upside, the next resistance is located at 0.7070 (July 15 High) levels and above which it could extend gains 0.7100 levels. To the downside immediate support might be located at 0.6989 (Today’s Low) below that at 0.6958 (July 16 Low).
EUR/GBP rises from 0.7019
Currently, the EUR/GBP pair 0.73% lower at fresh session highs of 0.7050, jumping nearly 30 pips on data release. The cross in EUR/GBP jolted higher mainly as the pound was hammered by the shared currency after UK retail sales data came out below expectations.
Defying market expectations of better show, UK retail sales for June came out at -0.2%, down from 0.3% in May, while the core gauge month-on-month printed -0.2%, also lower than the 0.4% in May.
On the other hand, the European currency remains strongly bid versus the greenback as markets continue to cheer the Greek parliamentary approval of the second round of reforms package early on Thursday.
EUR/GBP Technical Levels
To the upside, the next resistance is located at 0.7070 (July 15 High) levels and above which it could extend gains 0.7100 levels. To the downside immediate support might be located at 0.6989 (Today’s Low) below that at 0.6958 (July 16 Low).