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14 Apr 2015
EUR/GBP jumps to 0.7227 on solid EZ data
FXStreet (Mumbai) - The single currency received further impetus versus the pound in the European session; driving EUR/GBP to fresh session highs, as industrial production in the Euro zone which rebounded in February bolstered the euro across the board. While GBP remains pressured on record low UK CPI print.
EUR/GBP boosted by upbeat EZ industrial output numbers
Currently, the EUR/GBP cross trades higher at fresh session highs of 0.7225, up 0.35% on the day, post EZ data release. The cross in EUR/GBP accelerated gains and rallied beyond 0.7220 largely on pound weakness as downbeat UK inflation data continue to drag sterling lower.
On the other hand, the shared currency recovered most losses against the US dollar after Euro zone industrial production data beat market expectations and rebounded 1.1% m/m, up from the downwardly revised 0.3% drop in January, while consensus had bet on a 0.3% uptick.
Later in the day, US retail sales numbers will be the major driver for further momentum in the cross.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7250 and above which it could extend gains to at 0.7274 levels. To the downside immediate support might be located at 0.7182 (Today’s Low) levels below that at 0.7152 (March 19 Low) levels.
EUR/GBP boosted by upbeat EZ industrial output numbers
Currently, the EUR/GBP cross trades higher at fresh session highs of 0.7225, up 0.35% on the day, post EZ data release. The cross in EUR/GBP accelerated gains and rallied beyond 0.7220 largely on pound weakness as downbeat UK inflation data continue to drag sterling lower.
On the other hand, the shared currency recovered most losses against the US dollar after Euro zone industrial production data beat market expectations and rebounded 1.1% m/m, up from the downwardly revised 0.3% drop in January, while consensus had bet on a 0.3% uptick.
Later in the day, US retail sales numbers will be the major driver for further momentum in the cross.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7250 and above which it could extend gains to at 0.7274 levels. To the downside immediate support might be located at 0.7182 (Today’s Low) levels below that at 0.7152 (March 19 Low) levels.