10 Jul 2015
EUR/GBP capped below 0.7200 on upbeat UK data
FXStreet (Mumbai) - The British pound remains pressured versus the shared currency in the European morning, keeping EUR/GBP below 0.72 handle, as stronger than expected UK trade figures with trade deficit at 23-month low does little to lift sterling.
EUR/GBP unmoved by UK data
Currently, the EUR/GBP pair trades 0.18% higher at 0.7189, having retraced below 0.72 handle before the data release. The cross in EUR/GBP keeps range as markers remain unresponsive to the solid UK trade data print.
The amount the UK is importing fell to its lowest level since April 2011 helping to shrink the country's trade deficit to £0.4 billion; a low not seen since June 2013, figures from the Office for National Statistics (ONS) showed on Friday.
However, the cross remains lifted largely on the back of rising EUR/USD amid Greece-led optimism as crucial Greece headlines continue to flow ahead of weekend’s Euro group meeting and the EU Summit.
EUR/GBP Technical Levels
To the upside, the next resistance is located at 0.7200 levels and above which it could extend gains 0.7224 (Today’s High) levels. To the downside immediate support might be located at 0.7112 (July 8 Low) below that at 0.7056 (July 5 Low) levels.
EUR/GBP unmoved by UK data
Currently, the EUR/GBP pair trades 0.18% higher at 0.7189, having retraced below 0.72 handle before the data release. The cross in EUR/GBP keeps range as markers remain unresponsive to the solid UK trade data print.
The amount the UK is importing fell to its lowest level since April 2011 helping to shrink the country's trade deficit to £0.4 billion; a low not seen since June 2013, figures from the Office for National Statistics (ONS) showed on Friday.
However, the cross remains lifted largely on the back of rising EUR/USD amid Greece-led optimism as crucial Greece headlines continue to flow ahead of weekend’s Euro group meeting and the EU Summit.
EUR/GBP Technical Levels
To the upside, the next resistance is located at 0.7200 levels and above which it could extend gains 0.7224 (Today’s High) levels. To the downside immediate support might be located at 0.7112 (July 8 Low) below that at 0.7056 (July 5 Low) levels.