13 Aug 2015
EUR/GBP set to test 0.7100
FXStreet (Mumbai) - The shared currency was hammered by the British pound in the mid-European session, knocking-off EUR/GBP to fresh session lows just ahead of 0.71 handle, as the euro was relentlessly offered on the back of a broadly stronger greenback while the cable remains side-lined above 1.56 barrier.
EUR/GBP drops from 0.7157
Currently, the EUR/GBP pair trades -0.44% higher at 0.7114, hovering close to session lows reached at 0.7106. The EUR/GBP cross remains strongly offered largely on weakness seen in the EUR/USD pair on strengthening greenback as PBOC-led risk aversion dissipated.
Moreover, the EUR/GPB cross also failed to garner some support from upbeat German CPI data released earlier today. The European data flow will now continue on Friday, with German GDP in the morning, followed by the euro zone CPI and GDP figures.
On the other hand, GBP/USD continues to trade around a flat line amid a data-dry GBP macro calendar with fresh incentives awaited from US retail sales and weekly jobless claim.
EUR/GBP Technical Levels
To the upside, the next resistance is located at 0.7157 (Today’s High) levels and above which it could extend gains 0.7171 (Aug 12 High) levels. To the downside immediate support might be located at 0.7100 below that at 0.7079 (Aug 12 Low).
EUR/GBP drops from 0.7157
Currently, the EUR/GBP pair trades -0.44% higher at 0.7114, hovering close to session lows reached at 0.7106. The EUR/GBP cross remains strongly offered largely on weakness seen in the EUR/USD pair on strengthening greenback as PBOC-led risk aversion dissipated.
Moreover, the EUR/GPB cross also failed to garner some support from upbeat German CPI data released earlier today. The European data flow will now continue on Friday, with German GDP in the morning, followed by the euro zone CPI and GDP figures.
On the other hand, GBP/USD continues to trade around a flat line amid a data-dry GBP macro calendar with fresh incentives awaited from US retail sales and weekly jobless claim.
EUR/GBP Technical Levels
To the upside, the next resistance is located at 0.7157 (Today’s High) levels and above which it could extend gains 0.7171 (Aug 12 High) levels. To the downside immediate support might be located at 0.7100 below that at 0.7079 (Aug 12 Low).