23 Feb 2015
EUR/GBP back below 0.7400, German data in focus
FXStreet (Mumbai) - EUR/GBP remained elevated, although gave away partial gains after a brief spike above 0.7400 levels in the early Asian trading.
EUR/GBP retreats from 0.7405 levels
The EUR/GBP pair trades 0.12% higher at 0.7395 levels, moving away from nearly seven year lows at 0.7337 levels reached on Friday. EUR/GBP remained lifted on renewed optimism after Greece struck an interim a four-month extension deal with its European peers over the weekend. On the other hand, the pound continues to remain pressured amid weaker US retail sales data released on Friday and a broadly stronger US dollar.
Meanwhile, traders are likely to closely monitor developments from Greece and German Ifo business climate data for fresh cues on the pair.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7432 and above which it could extend gains to at 0.7447 levels. To the downside immediate support might be located at 0.7380 and below that at 0.7355 levels.
EUR/GBP retreats from 0.7405 levels
The EUR/GBP pair trades 0.12% higher at 0.7395 levels, moving away from nearly seven year lows at 0.7337 levels reached on Friday. EUR/GBP remained lifted on renewed optimism after Greece struck an interim a four-month extension deal with its European peers over the weekend. On the other hand, the pound continues to remain pressured amid weaker US retail sales data released on Friday and a broadly stronger US dollar.
Meanwhile, traders are likely to closely monitor developments from Greece and German Ifo business climate data for fresh cues on the pair.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7432 and above which it could extend gains to at 0.7447 levels. To the downside immediate support might be located at 0.7380 and below that at 0.7355 levels.