13 May 2015
EUR/GBP poised to test 0.71 ahead of BOE QIR
FXStreet (Mumbai) - EUR/GBP fell further in to red and printed fresh lows in the mid-European session, after mixed EMU data offered little respite to the shared currency against the British pound.
EUR/GBP eyes on 0.7100
Currently, the EUR/GBP cross trades -0.38% lower at fresh session lows at 0.7126, dropping from 0.7140 pre-data release. The cross in EUR/GBP accelerates losses and is on its way towards 0.71 handle as markets were left unimpressed by mixed EMU macro data releases.
EMU GDP Q1 2015 added 0.4%, following the 0.3% hike seen in Q4 2014, coming in line with market expectations. While Industrial production across the 19-nation bloc gave up 0.3% on a monthly basis, down from the downwardly revised 1% growth in February, while market consensus had bet on a muted figure.
Meanwhile, markets now shift their focus towards BOE’s quarterly Inflation Report from the BOE for further momentum.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7200 and above which it could extend gains to at 0.7226 (May 12 High) levels. To the downside immediate support might be located at 0.7100 levels below that at 0.7030 (March 12 Low) levels.
EUR/GBP eyes on 0.7100
Currently, the EUR/GBP cross trades -0.38% lower at fresh session lows at 0.7126, dropping from 0.7140 pre-data release. The cross in EUR/GBP accelerates losses and is on its way towards 0.71 handle as markets were left unimpressed by mixed EMU macro data releases.
EMU GDP Q1 2015 added 0.4%, following the 0.3% hike seen in Q4 2014, coming in line with market expectations. While Industrial production across the 19-nation bloc gave up 0.3% on a monthly basis, down from the downwardly revised 1% growth in February, while market consensus had bet on a muted figure.
Meanwhile, markets now shift their focus towards BOE’s quarterly Inflation Report from the BOE for further momentum.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7200 and above which it could extend gains to at 0.7226 (May 12 High) levels. To the downside immediate support might be located at 0.7100 levels below that at 0.7030 (March 12 Low) levels.