Friday, November 13, 2015

EUR/GBP stays around daily lows after German GDP

FXStreet (Mumbai) - The EUR/GBP pair hardly witnessed any action after the data in Germany showed the economy slowed in the third quarter.

Stuck between key MAs

The pair is trading between the hourly 100-MA and 50-MA located at 0.7092 and 0.7075. The German quarter-on-quarter GDP slowed to 0.3% from the previous figure of 0.4%. However, the annualised GDP ticked higher to 1.7% from 1.6%, which may have capped losses.

The next figure to watch out is the Eurozone GDP figure due later today. The pair currently trades around 0.7087 levels.

EUR/GBP Technical Levels

The immediate support is located at 0.7075 (hourly 50-MA), under which the pair could drop to 0.7040 (previous day’s low). A break lower would expose 0.70 handle. On the higher side, a break above 0.7092 (hourly 100-MA) could push the pair higher to 0.7127 (Nov 10 high).
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