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26 Feb 2015
EUR/GBP steadies near fresh 7-year lows on upbeat German data
FXStreet (Mumbai) - EUR/GBP remains subdued near more than seven year lows after German consumer climate improved above estimates in February.
German employment data in focus
The EUR/GBP pair trades flat at 0.7318 levels, retreating from more than seven year lows reached at 0.7309 levels earlier in the day. EUR/GBP was unmoved by upbeat Gfk German Consumer Climate data which showed that consumer spending improved in February to 9.7, beating expectation of a 9.6 reading and coming stronger than January’s reading of 9.3. On the other hand, the pound also continues to around a flatline versus the US dollar ahead of UK second estimate GDP data.
Meanwhile, a generalized weakness in the EUR/GBP cross may persist ahead of a slew of economic releases from Euro area and the UK.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7340 (5-DMA) and above which it could extend gains to at 0.7367 (10-DMA) levels. To the downside immediate support might be located at 0.7300 and below that at 0.7280 (2007 Lows) levels.
German employment data in focus
The EUR/GBP pair trades flat at 0.7318 levels, retreating from more than seven year lows reached at 0.7309 levels earlier in the day. EUR/GBP was unmoved by upbeat Gfk German Consumer Climate data which showed that consumer spending improved in February to 9.7, beating expectation of a 9.6 reading and coming stronger than January’s reading of 9.3. On the other hand, the pound also continues to around a flatline versus the US dollar ahead of UK second estimate GDP data.
Meanwhile, a generalized weakness in the EUR/GBP cross may persist ahead of a slew of economic releases from Euro area and the UK.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7340 (5-DMA) and above which it could extend gains to at 0.7367 (10-DMA) levels. To the downside immediate support might be located at 0.7300 and below that at 0.7280 (2007 Lows) levels.