27 Jan 2015
EUR/GBP back below 0.7500
FXStreet (Mumbai) - The pound remained in red versus the Euro in the mid-European session, although recouped partial losses as traders mull over the latest bearish UK GDP Report.
The EUR/GBP pair retraced from day’s high of 0.7512 levels and now trades at 0.7480 levels, up 0.34% on the day. The pound is expected to remain pressured against the common currency as markets now speculate a delay in rate hike after the softer-than expected GDP numbers. Moreover, a strengthening Euro against the greenback may also continue to support the upside in the cross.
Meanwhile, in absence of any Euro area economic releases for the day, traders shift their focus on German CPI print on Thursday for fresh cues on the pair.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7512 and above which it could extend gains to at 0.7583 levels. To the downside immediate support might be located at 0.7427 and below that at 0.7400 levels.
The EUR/GBP pair retraced from day’s high of 0.7512 levels and now trades at 0.7480 levels, up 0.34% on the day. The pound is expected to remain pressured against the common currency as markets now speculate a delay in rate hike after the softer-than expected GDP numbers. Moreover, a strengthening Euro against the greenback may also continue to support the upside in the cross.
Meanwhile, in absence of any Euro area economic releases for the day, traders shift their focus on German CPI print on Thursday for fresh cues on the pair.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7512 and above which it could extend gains to at 0.7583 levels. To the downside immediate support might be located at 0.7427 and below that at 0.7400 levels.