EUR/GBP unmoved by UK data, focus shifts to Euro Summit

FXStreet (Mumbai) – EUR/GBP keeps range in the European morning, consolidating below 0.71 handle, as the pound remained unperturbed by mixed factory data from the UK as traders shift their focus towards the upcoming Euro Summit with fresh updates expected on Greece.

EUR/GBP faces stiff resistance near 0.7100

Currently, the EUR/GBP pair trades -0.24% lower at 0.7069, languishing near session lows reached at 0.7060. The cross in EUR/GBP remains little affected by the latest UK data as the both the EUR and GBP remains heavily offered amid broadly stronger US dollar.

UK production in May with the sector reported a growth of 0.4% against expectations of a fall. Manufacturing presented a different picture with a fall of 0.6% on the back of a drop in basic metals and metal products.

While markets favour the safe-havens such as US dollar ahead of the Euro Summit keeping the cross largely subdued on broad euro weakness.

EUR/GBP Technical Levels

To the upside, the next resistance is located at 0.7100 levels and above which it could extend gains 0.7147 (June 30 High) levels. To the downside immediate support might be located at 0.7056 (July 5 Low) below that at 0.6981 (June 29 Low) levels.

EUR/GBP keeps range in the European morning, consolidating below 0.71 handle, as the pound remained unperturbed by mixed factory data from the UK as traders shift their focus towards the upcoming Euro Summit with fresh updates expected on Greece.

(Market News Provided by FXstreet)