9 Apr 2015
EUR/GBP rises to session highs on weak UK data
FXStreet (Mumbai) - The pound bashing continues versus the shared currency in the European session; driving EUR/GBP to session highs, after UK’s trade data revealed that the kingdom’s trade deficit significantly widened in February.
EUR/GBP rises from 7265
Currently, the EUR/GBP cross trades higher near fresh session highs around 0.7275 up 0.30% on the day. The cross in EUR/GBP climbed higher largely after GBP decelerated further as UK trade balance in the first two months of the first quarter came in worse than previously estimated. The total trade balance widened in February to GBP2.9 billion, significantly more than an expected GBP1.5 billion
On the other hand, the euro also continues remain pressured on broad USD strength as also Greece concern weigh on the major. However, losses in the pound exceeds that in the common currency as the sterling remains vulnerable ahead of BOE’s monetary policy meeting due later in the session.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7300 and above which it could extend gains to at 0.7351 levels. To the downside immediate support might be located at 0.7225 levels below that at 0.7167 levels.
EUR/GBP rises from 7265
Currently, the EUR/GBP cross trades higher near fresh session highs around 0.7275 up 0.30% on the day. The cross in EUR/GBP climbed higher largely after GBP decelerated further as UK trade balance in the first two months of the first quarter came in worse than previously estimated. The total trade balance widened in February to GBP2.9 billion, significantly more than an expected GBP1.5 billion
On the other hand, the euro also continues remain pressured on broad USD strength as also Greece concern weigh on the major. However, losses in the pound exceeds that in the common currency as the sterling remains vulnerable ahead of BOE’s monetary policy meeting due later in the session.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7300 and above which it could extend gains to at 0.7351 levels. To the downside immediate support might be located at 0.7225 levels below that at 0.7167 levels.