EUR/GBP: Offered tone intact around 0.7330, ignores EZ data
FXStreet (Mumbai) – The cross in the EUR/GBP maintains its offered tone and mires near session lows on Monday, following the release of better than expectations Euro zone industrial production figures.
EUR/GBP unmoved on EZ data
Currently, the EUR/GBP pair drops -0.26% at 0.7229, hovering close to fresh session lows reached at 0.7226 post the data release. The European currency fails to halt its decline versus the pound, despite the Euro zone industrial output data returning to the expansion territory as well as beating expectations in July.
Production by factories, mines and utilities across the 19-nation bloc rebounded 0.6% on a monthly basis, up from the upwardly revised 0.3% drop in June, while market consensus had bet on a 0.2% uptick. In annual terms, the gauge showed a 1.9% upturn, up from the upwardly revised 1.5% growth seen in June, against projected a 0.5% hike in July.
Meanwhile, the cross remains largely subdued mainly driven by the persisting strength in the pound against the US dollar amid a data–dry EUR calendar.
EUR/GBP Technical Levels
To the upside, the next resistance is located at 0.7359 (Today’s High) levels and above which it could extend gains to 0.7400 levels. To the downside immediate support might be located at 0.7292 (Sept 11 Low) below that at 0.7243 (Aug 31 Low).
The cross in the EUR/GBP maintains its offered tone and mires near session lows on Monday, following the release of better than expectations Euro zone industrial production figures.
(Market News Provided by FXstreet)