8 Apr 2014
EUR/GBP hits 1-month low on strong UK IP
FXStreet (Córdoba) - The EUR/GBP slumped to a fresh 1-month low during the European session, following better-than-expected UK production data.
The UK reported industrial production grew 0.9% in February, much more than the 0.3% expected rise while it increased 2.7% versus 2.2% expected on yearly basis. Manufacturing production rose 1.0% an 3.8% versus 0.3% MoM and 3.1% YoY respectively. The EUR/GBP came under pressure and triggered stops on the break below 0.8250, falling to a fresh 1-month low of 0.8235. The EUR/GBP spot is down -0.44% on the day and presently trading at 0.8236.
EUR/GBP levels to watch
As for technical levels, if the EUR/GBP breaks below 0.8235, next supports could be found at 0.8214 (76.4% Fibo 0.8157/0.8400) and 0.8200 (psychological level). On the other hand, next resistance can be seen at 0.8272/75 (10-day SMA/daily high) and 0.8300 (psychological level).
The UK reported industrial production grew 0.9% in February, much more than the 0.3% expected rise while it increased 2.7% versus 2.2% expected on yearly basis. Manufacturing production rose 1.0% an 3.8% versus 0.3% MoM and 3.1% YoY respectively. The EUR/GBP came under pressure and triggered stops on the break below 0.8250, falling to a fresh 1-month low of 0.8235. The EUR/GBP spot is down -0.44% on the day and presently trading at 0.8236.
EUR/GBP levels to watch
As for technical levels, if the EUR/GBP breaks below 0.8235, next supports could be found at 0.8214 (76.4% Fibo 0.8157/0.8400) and 0.8200 (psychological level). On the other hand, next resistance can be seen at 0.8272/75 (10-day SMA/daily high) and 0.8300 (psychological level).