FXStreet (Mumbai) – EUR/GBP trades modestly flat during the European session, with the pound little changed post the release of mixed UK factory data.
EUR/GBP supported at 0.7300
Currently, the EUR/GBP cross trades almost unchanged at 0.7340, recovering from session lows reached at 0.7319 pre data release. The cross in EUR/GBP remains muted as the pound failed to respond to fresh set of data releases from the British economy.
The UK’s total industrial production in April to 0.4%, notably above market expectations but slightly less than an upwardly revised 0.6% growth a month before. However, the biggest downward drag in April came from markedly weaker factories, where output decreased unexpectedly by 0.4% against the expectations of a slight increase.
On the other hand, the shared currency remains lifted well above 1.13 handle versus the US dollar on the back of rising bund yields, keeping EUR/GBP buoyed.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7360 (June 3 High) and above which it could extend gains to at 0.7420 (May 1 High) levels. To the downside immediate support might be located at 0.7319 (Today’s Low) levels below that at 0.7248 (June 3 Low) levels.
(Market News Provided by FXstreet)