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27 May 2015
EUR/GBP rejected at 0.7091
FXStreet (Mumbai) - EUR/GBP extends its upbeat momentum during the mid-European session, largely on the back of broadly stronger shared currency while markets now await the UK Q1 GDP revision on Thursday amid no significant macro releases later today.
EUR/GBP awaits fresh cues
Currently, the EUR/GBP cross trades 0.23% higher at 0.7085, having previously posted fresh session highs at 0.7091 some minutes ago. The cross in EUR/GBP edged higher this session although remains subdued amid lack of fresh triggers for the both the EUR and GBP as traders now shift their focus towards the second estimate of first-quarter economic growth in the UK.
The majority of economists now expect an upward revision to 0.4%. The Bank of England (BoE) expects first-quarter growth of 0.5% in the final estimate.
Moreover, the US dollar seems to have wiped out losses and is on its way to resume its upbeat macro data-led uptrend which again may keep a check on cross.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7091 (Today’s High) and above which it could extend gains to at 0.7116 (May 24 High) levels. To the downside immediate support might be located at 0.7030 (March 12 Low) levels below that at 0.7011 (March 11 Low) levels.
EUR/GBP awaits fresh cues
Currently, the EUR/GBP cross trades 0.23% higher at 0.7085, having previously posted fresh session highs at 0.7091 some minutes ago. The cross in EUR/GBP edged higher this session although remains subdued amid lack of fresh triggers for the both the EUR and GBP as traders now shift their focus towards the second estimate of first-quarter economic growth in the UK.
The majority of economists now expect an upward revision to 0.4%. The Bank of England (BoE) expects first-quarter growth of 0.5% in the final estimate.
Moreover, the US dollar seems to have wiped out losses and is on its way to resume its upbeat macro data-led uptrend which again may keep a check on cross.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7091 (Today’s High) and above which it could extend gains to at 0.7116 (May 24 High) levels. To the downside immediate support might be located at 0.7030 (March 12 Low) levels below that at 0.7011 (March 11 Low) levels.