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28 Aug 2015
EUR/GBP jumps to fresh highs near 0.7340 on UK GDP
FXStreet (Mumbai) - The cross in the EUR/GBP keeps its upbeat momentum intact during the European morning trades, as the cable faded the spike post UK GDP release while the euro remains firmer versus the greenback.
EUR/GBP extends gains on UK data
Currently, the EUR/GBP pair rises 0.52% at 0.7340, extending towards 0.7400 levels. The EUR/GBP cross continues to ride higher largely backed by euro strength amid weakening US dollar across the board.
While the pound wiped-out UK GDP-led gains and turned negative versus the US dollar, further adding to the upside in EUR/GBP.
The UK economy grew at the rate of 0.7% between the first and second quarters, and rose 2.6% on a year-on-year basis. This was the tenth consecutive quarter of positive growth, the Office for National Statistics (ONS) informed on Friday.
Meanwhile, markets now await the upcoming German CPI data for further cures on the cross. German CPI growth seen flat on a monthly basis after a 0.2% result reported a month ago, while adding 0.2% annually, same as the 0.2% preliminary result.
EUR/GBP Technical Levels
To the upside, the next resistance is located 0.7367 (Aug 26 High) levels and above which it could extend gains 0.7400 levels. To the downside immediate support might be located at 0.7274 (Aug 27 Low) below that at 0.7256 (Aug 26 Low).
EUR/GBP extends gains on UK data
Currently, the EUR/GBP pair rises 0.52% at 0.7340, extending towards 0.7400 levels. The EUR/GBP cross continues to ride higher largely backed by euro strength amid weakening US dollar across the board.
While the pound wiped-out UK GDP-led gains and turned negative versus the US dollar, further adding to the upside in EUR/GBP.
The UK economy grew at the rate of 0.7% between the first and second quarters, and rose 2.6% on a year-on-year basis. This was the tenth consecutive quarter of positive growth, the Office for National Statistics (ONS) informed on Friday.
Meanwhile, markets now await the upcoming German CPI data for further cures on the cross. German CPI growth seen flat on a monthly basis after a 0.2% result reported a month ago, while adding 0.2% annually, same as the 0.2% preliminary result.
EUR/GBP Technical Levels
To the upside, the next resistance is located 0.7367 (Aug 26 High) levels and above which it could extend gains 0.7400 levels. To the downside immediate support might be located at 0.7274 (Aug 27 Low) below that at 0.7256 (Aug 26 Low).