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10 Apr 2015
EUR/GBP recovers to 0.7245 on UK data
FXStreet (Mumbai) - The shared currency recovered losses versus the pound in the European session; leaving EUR/GBP almost unchanged after UK’s factory data revealed that the kingdom’s total industrial production fell below market expectations on the back of a steep decline in mining and quarrying.
EUR/GBP: Pound falls on weak UK data
Currently, the EUR/GBP cross trades flat at 0.7245 levels, recovering from fresh session lows reached at 0.7225 prior to the data release. The cross in EUR/GBP trimmed losses after GBP decelerated further as UK industrial production data fell short of expectations in Feb, however improved from January’s months decline.
Total industrial production rose 0.1% compared with an expected 0.3% rise against January's fall of 0.1%. Manufacturing output in the UK increased 0.4% in Feb with increases in seven of the 13 manufacturing sub-sectors.
On the other hand, the euro also continues remain pressured on broad USD strength as also Greece concerns continue to weigh on the major, offsetting losses in the pound.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7300 and above which it could extend gains to at 0.7351 levels. To the downside immediate support might be located at 0.7225 levels below that at 0.7167 levels.
EUR/GBP: Pound falls on weak UK data
Currently, the EUR/GBP cross trades flat at 0.7245 levels, recovering from fresh session lows reached at 0.7225 prior to the data release. The cross in EUR/GBP trimmed losses after GBP decelerated further as UK industrial production data fell short of expectations in Feb, however improved from January’s months decline.
Total industrial production rose 0.1% compared with an expected 0.3% rise against January's fall of 0.1%. Manufacturing output in the UK increased 0.4% in Feb with increases in seven of the 13 manufacturing sub-sectors.
On the other hand, the euro also continues remain pressured on broad USD strength as also Greece concerns continue to weigh on the major, offsetting losses in the pound.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7300 and above which it could extend gains to at 0.7351 levels. To the downside immediate support might be located at 0.7225 levels below that at 0.7167 levels.