26 Mar 2015
EUR/GBP retreats to 0.7375 on German data
FXStreet (Mumbai) - The shared currency defends upside bias versus the British pound in the European morning, keeping gains in EUR/GBP intact, after solid German Gfk consumer climate data beat market estimates and reflects that financial confidence among consumers in Germany improved further in March.
EUR/GBP drops from 0.7385
Currently, the EUR/GBP cross traded flat at 0.7377, quickly retracing from fresh session highs at 0.7384 levels posted before data release. The cross in EUR/GBP keeps gains after the release of impressive German data which reflected that financial confidenc among Germany's consumers improved again in March, confirming a modest recovery in the country is taking hold.
The headline GfK German Consumer Climate Index rose to 10.0 during March, above the 9.7 booked in February, beating forecasts of 9.8 points.
On the other hand, the pound remains lifted across the board ahead of UK retail sales data as investors anticipate positive February UK sales data.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7400 and above which it could extend gains to at 0.7432 levels. To the downside immediate support might be located at 0.7340 levels below that at 0.7300 levels.
EUR/GBP drops from 0.7385
Currently, the EUR/GBP cross traded flat at 0.7377, quickly retracing from fresh session highs at 0.7384 levels posted before data release. The cross in EUR/GBP keeps gains after the release of impressive German data which reflected that financial confidenc among Germany's consumers improved again in March, confirming a modest recovery in the country is taking hold.
The headline GfK German Consumer Climate Index rose to 10.0 during March, above the 9.7 booked in February, beating forecasts of 9.8 points.
On the other hand, the pound remains lifted across the board ahead of UK retail sales data as investors anticipate positive February UK sales data.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7400 and above which it could extend gains to at 0.7432 levels. To the downside immediate support might be located at 0.7340 levels below that at 0.7300 levels.