FXStreet (Mumbai) – The European currency keeps losses versus the British pound in the early-European trades, with EUR/GBP hovering above 0.71 handle, as markets showed little reaction to the mixed retail sales numbers from Germany while the overall sentiment remains subdued amid the looming Greece default worries.
EUR/GBP supported at 0.7100
Currently, the EUR/GBP pair trades -0.35% lower at 0.7116, retreating from session highs at 0.7133. The cross in EUR/GBP trades lower, extending weakness from Asia as the shared currency remains pressured on the back of ongoing Greek debacle.
Moreover, the cross remained near lows, shrugging off mixed German retail sales data which revealed that retail turnover rose 0.5% in real terms m/m in May, up from a 1.7% advance recorded in April and above market expectations of a 0.3% increase. Measured on an annual basis, the gauge fell 0.4% in May, following increase of 1.0% in the preceding month, while markets had projected a pick-up of 0.3%.
Later in the session, markets will focus on a raft of Euro zone and UK data for further direction on the cross. While Greece headlines will be eagerly watched.
EUR/GBP Technical Levels
To the upside, the next resistance is located at 0.7148 (June 25 High) levels and above which it could extend gains 0.7180 (June 23 High) levels. To the downside immediate support might be located at 0.7100 below that at 0.7078 (June 23 Low) levels.
(Market News Provided by FXstreet)