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28 May 2015
EUR/GBP climbs to highs post-UK data
FXStreet (Edinburgh) - Poor data from the UK docket now is weighing on the sterling and accelerating the upside in EUR/GBP to session highs near 0.7130.
EUR/GBP firmer on data
The cross is now putting further distance from recent lows near 0.7050 posted yesterday, after the preliminary figures of the UK’s GDP showed that the economy has expanded 0.3% inter-quarter in Q1, missing estimates at 0.4%. Over the last twelve months, the GDP grew 2.4%, matching the previous reading. Further data saw Mortgage Approvals by BBA rising to 42.1K during April, bettering forecasts and up from March’s 38.8K.
Next of relevance will be EMU’s Economic Sentiment and Consumer Confidence ahead of the EU’s Financial Stability Review.
EUR/GBP key levels
At the moment the cross is up 0.38% at 0.7128 with the next resistance at 0.7166 (high May 21) ahead of 0.7180 (10-d MA) and then 0.7187 (high May 20). On the downside, a break below 0.7036 (low Mar.12) would expose 0.7015 (2015 low Mar.11) and then 0.7000 (psychological level).
EUR/GBP firmer on data
The cross is now putting further distance from recent lows near 0.7050 posted yesterday, after the preliminary figures of the UK’s GDP showed that the economy has expanded 0.3% inter-quarter in Q1, missing estimates at 0.4%. Over the last twelve months, the GDP grew 2.4%, matching the previous reading. Further data saw Mortgage Approvals by BBA rising to 42.1K during April, bettering forecasts and up from March’s 38.8K.
Next of relevance will be EMU’s Economic Sentiment and Consumer Confidence ahead of the EU’s Financial Stability Review.
EUR/GBP key levels
At the moment the cross is up 0.38% at 0.7128 with the next resistance at 0.7166 (high May 21) ahead of 0.7180 (10-d MA) and then 0.7187 (high May 20). On the downside, a break below 0.7036 (low Mar.12) would expose 0.7015 (2015 low Mar.11) and then 0.7000 (psychological level).