26 Mar 2015
EUR/GBP retreats from 0.7385
FXStreet (Edinburgh) - The solid pace of the sterling is now weighing on EUR/GBP, dragging the cross to the area of 0.7370 on Thursday.
EUR/GBP extends the upside
After briefly visiting the boundaries of the psychological support at 0.7000 in early March, the recovery in the single currency pushed the cross higher towards the vicinity of the 0.7400 handle. Today’s upbeat tone from the pound prevented the cross to climb further, capping the gains around 0.7990.
In the data space, consumer confidence in Germany tracked by the Gfk Survey came in at 10 for the month of April, leaving behind both consensus and previous print. In the UK, retail sales came in stronger that expected in February, adding to the bid tone around GBP.
EUR/GBP levels to consider
As of writing the cross is up 0.02% at 0.7373 with the next resistance at 0.7385 (high Mar.25) ahead of 0.7404 (high Feb.23) and then 0.7429 (high Feb.20). On the flip side, a breakdown of 0.7345 (low Mar.25) would aim for 0.7304 (low Mar.24) and then 0.7289 (high Mar.18).
EUR/GBP extends the upside
After briefly visiting the boundaries of the psychological support at 0.7000 in early March, the recovery in the single currency pushed the cross higher towards the vicinity of the 0.7400 handle. Today’s upbeat tone from the pound prevented the cross to climb further, capping the gains around 0.7990.
In the data space, consumer confidence in Germany tracked by the Gfk Survey came in at 10 for the month of April, leaving behind both consensus and previous print. In the UK, retail sales came in stronger that expected in February, adding to the bid tone around GBP.
EUR/GBP levels to consider
As of writing the cross is up 0.02% at 0.7373 with the next resistance at 0.7385 (high Mar.25) ahead of 0.7404 (high Feb.23) and then 0.7429 (high Feb.20). On the flip side, a breakdown of 0.7345 (low Mar.25) would aim for 0.7304 (low Mar.24) and then 0.7289 (high Mar.18).