EUR/GBP climbs to highs near 0.7960

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Edinburgh) - The EUR/GBP is now posting fresh intraday highs around the 0.7960 region following poor data from the UK industrial sector.



EUR/GBP bounced off 0.7910



After bottoming out in the vicinity of 0.7910 at the beginning of the week, the cross is now extending the rebound beyond the mid-0.79s boosted by disappointing data in the UK economy: Industrial Production contracted 0.7% and Manufacturing Production 1.3% during May down from April’s advances of 0.3% and 0.4%, respectively. “The market will remain directly offered below the recent high at .8033 and make no impact whatsoever while below the .8054 3 month downtrend”, noted Karen Jones, Head of FICC Technical Analysis at Commerzbank.



EUR/GBP levels to watch



As of writing the cross is up 0.14% at 0.7957 with the immediate resistance at 0.7970 (10-d MA) followed by 0.7973 (high Jul.3) and finally the psychological level at 0.8000. On the flip side, a breach of 0.7915 (2014 low Jul.7) would open the door to 0.7907 (low Sep.6 2012) and then 0.7885 (low Aug.23 2012).



You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    EUR/GBP keeps lows near 0.7250

  2. Forex News

    Next Leg Lower in EUR-crosses in Focus after Weaker CPI

  3. Forex News

    GBP remains on the bearish side – JP Morgan

  4. Forex News

    EUR/GBP hits fresh 6-day lows post EMU data

  5. Forex News

    EUR/GBP: Pound spikes to fresh 6-day highs above 0.7260

Trading Center