EUR/GBP retesting 0.71 on poor German data

FXStreet (Mumbai) – The shared currency defends mild gains against the British pound in the European session, with EUR/GBP largely unchanged near 0.71 handle after discouraging German Ifo surveys left markets unresponsive. While markets remain glued to Greece updates as the Euro group meeting commences later this session.

EUR/GBP unmoved by data

Currently, the EUR/GBP pair trades marginally higher at 0.7102, heading towards session lows reached at 0.7086. The cross in EUR/GBP remains unaffected by downbeat German business conditions surveys which confirmed the deteriorating economic situation in Germany, as the ZEW surveys had indicated earlier in the month.

The Ifo Business Climate for June ticked lower from 108.5 to 107.4, while the expectations gauge dropped to 102.0 from 103.0 in May. Both the surveys missed market forecasts.

While the pound also remains strongly bid versus the greenback limiting the downside in EUR/GBP as markets await fresh cues from Greece.

EUR/GBP Technical Levels

To the upside, the next resistance is located at 0.7114 (Today’s High) levels and above which it could extend gains 0.7154 (May 28 High) levels. To the downside immediate support might be located at 0.7078 (June 23 Low) below that at 0.7053 (May 27 Low) levels.

The shared currency defends mild gains against the British pound in the European session, with EUR/GBP largely unchanged near 0.71 handle after discouraging German Ifo surveys left markets unresponsive. While markets remain glued to Greece updates as the Euro group meeting commences later this session.

(Market News Provided by FXstreet)