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31 Mar 2015
EUR/GBP near lows below 0.73 on German data
FXStreet (Mumbai) - The shared currency underperformed the sterling in the European morning, dragging EUR/GBP into red, German retail sales data came out weaker in February after a rather solid reading booked in January.
EUR/GBP keeps losses below 0.73
Currently, the EUR/GBP cross trades lower at 0.7295, down -0.27% on the day, moving away from day’s highs posted at 0.7322 levels. The cross in EUR/GBP remained in red largely on the broad euro weakness with the single currency undermined by pressure from Greece and a stronger dollar.
Moreover, lack lustre retails sales numbers from Germany did little to move the euro. Retail turnover gave up 0.5% in real terms month-on-month in February, compared to a 2.9% increase recorded in the previous month and market expectations of a 0.7% decline.
On the other hand, the pound remains pressured versus the US dollar ahead of key UK GDP data which seems to restrict further downside in the cross.
Meanwhile, trader now focus on the final estimate of UK GDP in the fourth quarter of 2014 for major impacts on EUR/GBP.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7300 and above which it could extend gains to at 0.7341 levels. To the downside immediate support might be located at 0.7263 levels below that at 0.7220 levels.
EUR/GBP keeps losses below 0.73
Currently, the EUR/GBP cross trades lower at 0.7295, down -0.27% on the day, moving away from day’s highs posted at 0.7322 levels. The cross in EUR/GBP remained in red largely on the broad euro weakness with the single currency undermined by pressure from Greece and a stronger dollar.
Moreover, lack lustre retails sales numbers from Germany did little to move the euro. Retail turnover gave up 0.5% in real terms month-on-month in February, compared to a 2.9% increase recorded in the previous month and market expectations of a 0.7% decline.
On the other hand, the pound remains pressured versus the US dollar ahead of key UK GDP data which seems to restrict further downside in the cross.
Meanwhile, trader now focus on the final estimate of UK GDP in the fourth quarter of 2014 for major impacts on EUR/GBP.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7300 and above which it could extend gains to at 0.7341 levels. To the downside immediate support might be located at 0.7263 levels below that at 0.7220 levels.