Back
6 Feb 2015
EUR/GBP remains near lows after downbeat German data
FXStreet (Mumbai) - EUR/GBP hovered close to daily lows, little affected by the weaker-than expected German industrial production numbers.
Stuck at 0.7478 levels
The EUR/GBP pair trades lower by -0.12% close to fresh session lows of 0.7475 levels, having previously posted day’s high at 0.7488. EUR/GBP was unmoved by Germany’s industrial production data which revealed that factory output in the euro zone's economic powerhouse rose 0.1% in December, from a revised 0.1% advance in November, missing market estimates of a 0.4% growth.
In annual terms, production fell 0.7% in December, compared to a revised 0.3% decrease in Nov, while markets had projected 0.3% negative growth.
Meanwhile, traders now await fresh cues from the upcoming macro releases from the UK and the crucial US NFP data for further moves in the cross.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7488 and above which it could extend gains to at 0.7500 levels. To the downside immediate support might be located at 0.7439 and below that at 0.7402 levels.
Stuck at 0.7478 levels
The EUR/GBP pair trades lower by -0.12% close to fresh session lows of 0.7475 levels, having previously posted day’s high at 0.7488. EUR/GBP was unmoved by Germany’s industrial production data which revealed that factory output in the euro zone's economic powerhouse rose 0.1% in December, from a revised 0.1% advance in November, missing market estimates of a 0.4% growth.
In annual terms, production fell 0.7% in December, compared to a revised 0.3% decrease in Nov, while markets had projected 0.3% negative growth.
Meanwhile, traders now await fresh cues from the upcoming macro releases from the UK and the crucial US NFP data for further moves in the cross.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7488 and above which it could extend gains to at 0.7500 levels. To the downside immediate support might be located at 0.7439 and below that at 0.7402 levels.