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26 Feb 2015
EUR/GBP unmoved by UK data, remains near 7-year lows
FXStreet (Mumbai) - EUR/GBP trades muted, little affected by UK GDP second estimate which showed no revisions to both quarterly and annual growth figures, while business investments continued to fall in Q4 2014.
EUR/GBP stuck near lows
The EUR/GBP pair trades flat at 0.7313 levels, steadying near fresh seven year lows reached at 0.7304 levels before the data release. EUR/GBP held steady as the pound remained unperturbed by UK GDP data which confirmed that UK economy slowed down to 0.5% in Q4 2014 from 0.7% in the previous quarter.
Moreover, poor business investment numbers which revealed that the gauge fell 1.4% in Q4 compared with the previous quarter which is the second successive quarterly fall, failed to move the cross.
Meanwhile, bullish German consumer climate and employment data also had little impact on the shared currency, keeping the cross near multi-year lows.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7340 (5-DMA) and above which it could extend gains to at 0.7367 (10-DMA) levels. To the downside immediate support might be located at 0.7300 and below that at 0.7280 (2007 Lows) levels.
EUR/GBP stuck near lows
The EUR/GBP pair trades flat at 0.7313 levels, steadying near fresh seven year lows reached at 0.7304 levels before the data release. EUR/GBP held steady as the pound remained unperturbed by UK GDP data which confirmed that UK economy slowed down to 0.5% in Q4 2014 from 0.7% in the previous quarter.
Moreover, poor business investment numbers which revealed that the gauge fell 1.4% in Q4 compared with the previous quarter which is the second successive quarterly fall, failed to move the cross.
Meanwhile, bullish German consumer climate and employment data also had little impact on the shared currency, keeping the cross near multi-year lows.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7340 (5-DMA) and above which it could extend gains to at 0.7367 (10-DMA) levels. To the downside immediate support might be located at 0.7300 and below that at 0.7280 (2007 Lows) levels.