17 Feb 2015
EUR/GBP consolidates near multi-year lows ahead of UK data
FXStreet (Mumbai) - EUR/GBP edges slightly lower in the European morning, extending its side trend from the previous session as traders now await major economic releases from the UK and the EMU due later in the session for fresh incentives on the cross.
EUR/GBP forms a doji candle on the daily chart
The EUR/GBP pair trades lower by -0.13% at 0.7380 levels, having slipped from session highs at 0.7390 posted an hour ago. EUR/GBP continued its accumulation phase between 0.7375 – 0.7390 levels, looking for a clear direction from the upcoming data releases. Moreover, lingering concerns over Greece deadlock continues to dampen investors’ sentiments, weighing on the cross.
Meanwhile, positive macro data from the UK and Germany due later today may cushion the downside in EUR/GBP.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7400 and above which it could extend gains to at 0.7429 levels. To the downside immediate support might be located at 0.7369 and below that at 0.7300 levels.
EUR/GBP forms a doji candle on the daily chart
The EUR/GBP pair trades lower by -0.13% at 0.7380 levels, having slipped from session highs at 0.7390 posted an hour ago. EUR/GBP continued its accumulation phase between 0.7375 – 0.7390 levels, looking for a clear direction from the upcoming data releases. Moreover, lingering concerns over Greece deadlock continues to dampen investors’ sentiments, weighing on the cross.
Meanwhile, positive macro data from the UK and Germany due later today may cushion the downside in EUR/GBP.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7400 and above which it could extend gains to at 0.7429 levels. To the downside immediate support might be located at 0.7369 and below that at 0.7300 levels.