5 Mar 2015
EUR/GBP unmoved by German data, hovers near lows at 0.7240
FXStreet (Mumbai) - EUR/GBP steadied in the early European morning, putting a halt to its downslide, after German data which showed that factory orders in Germany slid into negative territory in January
EUR/GBP remains below 0.7300
The EUR/GBP pair trades -0.13% lower at 0.7248, retracing slightly from session lows posted at 0.7240 levels before EZ data. EUR/GBP continues its downward momentum, although remained little affected by downbeat German factory orders numbers which revealed Industrial orders in the euro area's number one economic powerhouse fell 3.9% in January, measured on a monthly basis, while markets had expected the reading to post a 1.0% decline. On the other end, the pound keeps losses near lows on the back of a stronger greenback.
Meanwhile, the data failed to create any stir in the market as traders mainly focus on the BOE and ECB meeting later in the day for fresh incentives.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7262 and above which it could extend gains to at 0.7300 levels. To the downside immediate support might be located at 0.7230 and below that at 0.7200 (2007 lows) levels.
EUR/GBP remains below 0.7300
The EUR/GBP pair trades -0.13% lower at 0.7248, retracing slightly from session lows posted at 0.7240 levels before EZ data. EUR/GBP continues its downward momentum, although remained little affected by downbeat German factory orders numbers which revealed Industrial orders in the euro area's number one economic powerhouse fell 3.9% in January, measured on a monthly basis, while markets had expected the reading to post a 1.0% decline. On the other end, the pound keeps losses near lows on the back of a stronger greenback.
Meanwhile, the data failed to create any stir in the market as traders mainly focus on the BOE and ECB meeting later in the day for fresh incentives.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7262 and above which it could extend gains to at 0.7300 levels. To the downside immediate support might be located at 0.7230 and below that at 0.7200 (2007 lows) levels.