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3 Mar 2015
EUR/GBP spikes to fresh highs on cheerful German data
FXStreet (Mumbai) - EUR/GBP remained modestly flat in the European morning, after upbeat German retail volumes data reflected that Germany’s shoppers spent more money in January.
EUR/GBP supported above 5-DMA
The EUR/GBP pair trades almost flat near fresh session highs of 0.7285 levels, moving away from fresh seven year lows posted at 0.7230 levels in the previous session. EUR/GBP rose to fresh session highs after positive results from Germany’s retail sector boosted the shared currency.
Retail turnover gained 2.9% m/m in January, compared to a revised 0.6% increase recorded in the previous month and beating market expectations of a 0.4% increase. On yearly basis, the gauge rose 5.3% in the reported period following a increase of 4.0% in the preceding month, against expectations of an expansion of 3.0%.
On the other hand, upside in the cross remains restricted on the back of a solid recovery in the pound ahead of UK construction PMI later in the session.
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 0.7360 (20-DMA) levels. To the downside immediate support might be located at 0.7242 and below that at 0.7200 (2007 lows) levels.
EUR/GBP supported above 5-DMA
The EUR/GBP pair trades almost flat near fresh session highs of 0.7285 levels, moving away from fresh seven year lows posted at 0.7230 levels in the previous session. EUR/GBP rose to fresh session highs after positive results from Germany’s retail sector boosted the shared currency.
Retail turnover gained 2.9% m/m in January, compared to a revised 0.6% increase recorded in the previous month and beating market expectations of a 0.4% increase. On yearly basis, the gauge rose 5.3% in the reported period following a increase of 4.0% in the preceding month, against expectations of an expansion of 3.0%.
On the other hand, upside in the cross remains restricted on the back of a solid recovery in the pound ahead of UK construction PMI later in the session.
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 0.7360 (20-DMA) levels. To the downside immediate support might be located at 0.7242 and below that at 0.7200 (2007 lows) levels.