Friday, November 6, 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).
For more information, read our latest forex news.

No comments:

Post a Comment