27 Jan 2015
EUR/GBP trades flat ahead of the UK GDP report
FXStreet (Mumbai) - The EUR/GBP pair trades flat as the Greece concerns subside, while markets await UK Q4 GDP data.
The pair trades at 0.7455 levels after having recovered from the low of 0.7436. The single currency recovered losses yesterday on a classic “Sell the rumor, Buy the fact trade” after the leftist Syriza party won elections in Greece. Markets now await the data in the UK, which is likely to GDP rose to 2.8% year-on-year in Q4 2014, compared to the previous quarter’s final print of 2.6%. A strong GDP print could push the EUR/GBP pair lower. Any fresh signs of turmoil in Greece shall also weigh on the EUR/GBP pair.
EUR/GBP Technical Levels
The immediate resistance is seen at 0.7476 (5-DMA), above which the pair could test 0.7500. Meanwhile, support is seen at 0.7434 and 0.7402 levels.
The pair trades at 0.7455 levels after having recovered from the low of 0.7436. The single currency recovered losses yesterday on a classic “Sell the rumor, Buy the fact trade” after the leftist Syriza party won elections in Greece. Markets now await the data in the UK, which is likely to GDP rose to 2.8% year-on-year in Q4 2014, compared to the previous quarter’s final print of 2.6%. A strong GDP print could push the EUR/GBP pair lower. Any fresh signs of turmoil in Greece shall also weigh on the EUR/GBP pair.
EUR/GBP Technical Levels
The immediate resistance is seen at 0.7476 (5-DMA), above which the pair could test 0.7500. Meanwhile, support is seen at 0.7434 and 0.7402 levels.