23 Mar 2015
EUR/GBP rises above 0.73
FXStreet (Mumbai) - The EUR/GBP clocked a session high of 0.7306 after the UK CBI Industrial orders expectations hit a five-month low in March.
GBP hit by weak data
The Confederation of British Industry said its index of industrial order expectations declined by 10.0 points to a reading of 0.0 in March from February’s reading of 10.0. The economists had expected a drop by 1.00 points to 9.00 in March. The weak data pushed back expectations of an interest rate hike in the UK, which weakened the Pound. Meanwhile, the EUR continues to see a wave of buying ahead of Draghi’s testimony and Merkel-Tsipras talks.
EUR/GBP Technical Levels
The immediate resistance is seen at 0.7329 (50-DMA), above which gains could be extended to 0.7402 (Jan. 25 low). On the flip side, a break below 0.7291 could push the pair down to the 5-DMa at 0.7250 levels.
GBP hit by weak data
The Confederation of British Industry said its index of industrial order expectations declined by 10.0 points to a reading of 0.0 in March from February’s reading of 10.0. The economists had expected a drop by 1.00 points to 9.00 in March. The weak data pushed back expectations of an interest rate hike in the UK, which weakened the Pound. Meanwhile, the EUR continues to see a wave of buying ahead of Draghi’s testimony and Merkel-Tsipras talks.
EUR/GBP Technical Levels
The immediate resistance is seen at 0.7329 (50-DMA), above which gains could be extended to 0.7402 (Jan. 25 low). On the flip side, a break below 0.7291 could push the pair down to the 5-DMa at 0.7250 levels.