13 May 2015
EUR/GBP drops to 0.7128 on upbeat UK data
FXStreet (Mumbai) - The EUR/GBP was quickly pushed lower to its session low of 0.7128 after the data in the UK showed unemployment fell to its lowest since 2008, accompanied by a rise in wages.
EUR/GBP: focus on BOE inflation report
The Pound saw a renewed demand after the ILO unemployment rate for the first quarter fell to 5.5% from 5.6%. Meanwhile, wages grew by 1.9%, beating the estimate of a 1.7% rise, with wages ex-bonus rising 2.2% year-on-year in March.
The investors now await the Bank of England quarterly inflation report due for release at 10.30 a.m. in London. A slight recovery to 0.7138 is seen in the pair ahead of inflation report, even though markets expect the BOE to revise its growth and inflation forecasts higher.
EUR/GBP Technical Levels
The immediate resistance on the hourly chart is seen at 0.7150, above which the pair could 0.7182. On the flip side, a break below 0.7115-0.71 could drive the pair lower to 0.7163.
EUR/GBP: focus on BOE inflation report
The Pound saw a renewed demand after the ILO unemployment rate for the first quarter fell to 5.5% from 5.6%. Meanwhile, wages grew by 1.9%, beating the estimate of a 1.7% rise, with wages ex-bonus rising 2.2% year-on-year in March.
The investors now await the Bank of England quarterly inflation report due for release at 10.30 a.m. in London. A slight recovery to 0.7138 is seen in the pair ahead of inflation report, even though markets expect the BOE to revise its growth and inflation forecasts higher.
EUR/GBP Technical Levels
The immediate resistance on the hourly chart is seen at 0.7150, above which the pair could 0.7182. On the flip side, a break below 0.7115-0.71 could drive the pair lower to 0.7163.