Back
6 Nov 2015
EUR/GBP turns a blind towards German data
FXStreet (Mumbai) - The EUR/GBP hardly batted an eye to a dismal German manufacturing figure after having spiked more than 100-pips in the previous session.
Comatose above key fib level
The cross continued to remain comatose above 0.7148 (23.6% of Oct 13 high-Nov 5 low). The German industrial production contracted 1.1% in September, the data released today showed. However, till now we have not seen any response from the EUR/GBP cross.
The surprisingly dovish BOE event on Thursday triggered a sell-off in Sterling, which led to a jump in the EUR/GBP pair. The immediate focus is now on the UK industrial production and trade balance figure.
EUR/GBP Technical Levels
At 0.7155, the immediate support is seen at 0.7145 (61.8% of Jul low-Oct high), under which the cross could target 0.71 handle. On the other side, resistance is seen at at 0.7170 (Aug 12 high) and 0.7196 (Sep 22 low).
Comatose above key fib level
The cross continued to remain comatose above 0.7148 (23.6% of Oct 13 high-Nov 5 low). The German industrial production contracted 1.1% in September, the data released today showed. However, till now we have not seen any response from the EUR/GBP cross.
The surprisingly dovish BOE event on Thursday triggered a sell-off in Sterling, which led to a jump in the EUR/GBP pair. The immediate focus is now on the UK industrial production and trade balance figure.
EUR/GBP Technical Levels
At 0.7155, the immediate support is seen at 0.7145 (61.8% of Jul low-Oct high), under which the cross could target 0.71 handle. On the other side, resistance is seen at at 0.7170 (Aug 12 high) and 0.7196 (Sep 22 low).