30 Jul 2015
EUR/GBP off lows, near 0.7030 on German data
FXStreet (Mumbai) - EUR/GBP remained in the red in the European session, as the shared currency was unresponsive to the disappointing German employment data and continued its bearish bias versus the British pound.
EUR/GBP capped below 0.7040
Currently, the EUR/GBP pair -0.23% lower at 0.7026, recovering from fresh session lows of 0.7016. The cross in EUR/GBP keeps losses and remains at a shouting distance from lows as the latest German jobs data was comfortably brushed off by markets.
German unemployment data showed the number of unemployed in Germany increased by 9,000 in July, while the unemployment rate remained unchanged at 6.4%, a record low.
On the other hand, the pound stands resilient against the broad based US dollar strength backed by FOMC statement. While markets closely eye German CPI data due later today for further momentum on the cross.
EUR/GBP Technical Levels
To the upside, the next resistance is located at 0.7042 (Today’s High) levels and above which it could extend gains 0.7100 levels. To the downside immediate support might be located at 0.7016 (Today’s Low) below that at 0.6987 (July 23 Low).
EUR/GBP capped below 0.7040
Currently, the EUR/GBP pair -0.23% lower at 0.7026, recovering from fresh session lows of 0.7016. The cross in EUR/GBP keeps losses and remains at a shouting distance from lows as the latest German jobs data was comfortably brushed off by markets.
German unemployment data showed the number of unemployed in Germany increased by 9,000 in July, while the unemployment rate remained unchanged at 6.4%, a record low.
On the other hand, the pound stands resilient against the broad based US dollar strength backed by FOMC statement. While markets closely eye German CPI data due later today for further momentum on the cross.
EUR/GBP Technical Levels
To the upside, the next resistance is located at 0.7042 (Today’s High) levels and above which it could extend gains 0.7100 levels. To the downside immediate support might be located at 0.7016 (Today’s Low) below that at 0.6987 (July 23 Low).