29 Nov 2013
EUR/GBP wavers after UK, Eurozone data
FXstreet.com (Córdoba) - The EUR/GBP jumped to fresh daily highs as the pound weakened after data showed UK mortgaged approvals and lending to individual missed expectations in October.
UK Mortgage Approvals rose below forecast to 67.701K versus 68.500K expected in October. Meanwhile, net lending to individuals dropped to £1.7B from £2.2B the previous month. However, slightly positive data from the Eurozone failed to propel the rally further. The unemployment rate fell to 12.1% in October while the CPI rose 0.9% versus 0.8% expected. The EUR/GBP jumped to a high of 0.8344 but stalled a few pips ahead yesterday's high of 0.8351. At time of writing, EUR/GBP is trading at 0.8335 zone, recording a 0.2% gain on the day.
EUR/GBP levels to watch
In terms of technical levels, the EUR/GBP could find immediate resistances at 0.8351 (Nov 28 high) and 0.8389 (Nov 26 high). On the other hand, supports are seen at the 0.8315/10 zone (Nov 29 & 28 lows) and 0.8300 (Nov 7 low).
UK Mortgage Approvals rose below forecast to 67.701K versus 68.500K expected in October. Meanwhile, net lending to individuals dropped to £1.7B from £2.2B the previous month. However, slightly positive data from the Eurozone failed to propel the rally further. The unemployment rate fell to 12.1% in October while the CPI rose 0.9% versus 0.8% expected. The EUR/GBP jumped to a high of 0.8344 but stalled a few pips ahead yesterday's high of 0.8351. At time of writing, EUR/GBP is trading at 0.8335 zone, recording a 0.2% gain on the day.
EUR/GBP levels to watch
In terms of technical levels, the EUR/GBP could find immediate resistances at 0.8351 (Nov 28 high) and 0.8389 (Nov 26 high). On the other hand, supports are seen at the 0.8315/10 zone (Nov 29 & 28 lows) and 0.8300 (Nov 7 low).