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6 Aug 2015
EUR/GBP muted around 0.6985 on UK industrial figures
FXStreet (Mumbai) - The cross in EUR/GBP kept the range and remained below 0.70 barrier in the European morning, with the pound showing little reaction to the mixed set of UK industrial and manufacturing output readings as markets stay focused on BOE’s key events scheduled later today.
EUR/GBP unmoved on UK data
Currently, the EUR/GBP pair trades -0.10% lower at 0.6983, recovering from session lows reached at 0.6973. The EUR/GBP cross keeps mild losses as the pound remained unaffected by the release of UK industrial data which revealed that total industrial production in the UK plunged below estimates in June while the manufacturing rose slightly above estimates.
The total industrial output in the UK fell by 0.4%, against expectations of a rise of 0.1%, while manufacturing production matched estimates to rise 0.2% in June from 0.6% drop in May.
On the other hand, a weaker EUR/USD capped the upside in the EUR/GBP cross as the euro failed to benefit from stronger than expected German factory data.
EUR/GBP Technical Levels
To the upside, the next resistance is located at 0.7000 levels and above which it could extend gains 0.7044 (Aug 3 High) levels. To the downside immediate support might be located at 0.6945 (July 21 Low) below that at 0.6935 (July 20 Low).
EUR/GBP unmoved on UK data
Currently, the EUR/GBP pair trades -0.10% lower at 0.6983, recovering from session lows reached at 0.6973. The EUR/GBP cross keeps mild losses as the pound remained unaffected by the release of UK industrial data which revealed that total industrial production in the UK plunged below estimates in June while the manufacturing rose slightly above estimates.
The total industrial output in the UK fell by 0.4%, against expectations of a rise of 0.1%, while manufacturing production matched estimates to rise 0.2% in June from 0.6% drop in May.
On the other hand, a weaker EUR/USD capped the upside in the EUR/GBP cross as the euro failed to benefit from stronger than expected German factory data.
EUR/GBP Technical Levels
To the upside, the next resistance is located at 0.7000 levels and above which it could extend gains 0.7044 (Aug 3 High) levels. To the downside immediate support might be located at 0.6945 (July 21 Low) below that at 0.6935 (July 20 Low).