30 Apr 2015
EUR/GBP extends losses near 0.7190 on German data
FXStreet (Mumbai) - The shared currency continues to underperform versus the British pound heading in to the European opening bells; knocking-off EUR/GBP to fresh session lows below 1.72 barrier, after German retail sales data missed market expectations.
EUR/GBP loses 072 handle
Currently, the EUR/GBP cross trades -0.19% lower at 0.7194, having posted fresh session lows at 0.7188 on the data release. The cross in EUR/GBP accelerated losses after retail sales data for Germany came in significantly weaker in March after a slower reading booked in Feb.
Retail turnover gave up 2.3% in real terms m/m in March, compared to a 0.5% decrease in Feb, against market expectations of a 0.5% gain.
Measured on an annual basis, the gauge rose 3.5% in March revised increase of 3.3% in the Feb, while markets had projected an expansion of 3.1%.
However, the losses in the EUR/GBP cross were cushioned by broadly weaker pound after the US dollar rebounded supported by the latest FOMC statement.
Meanwhile, a series of economic releases from the Euro zone later in the session may provide fresh incentives on the cross.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7207 (Today’s High) and above which it could extend gains to at 0.7231 (April 29 High) levels. To the downside immediate support might be located at 0.7133 (April 29 Low) levels below that at 0.7114 (April 23 Low) levels.
EUR/GBP loses 072 handle
Currently, the EUR/GBP cross trades -0.19% lower at 0.7194, having posted fresh session lows at 0.7188 on the data release. The cross in EUR/GBP accelerated losses after retail sales data for Germany came in significantly weaker in March after a slower reading booked in Feb.
Retail turnover gave up 2.3% in real terms m/m in March, compared to a 0.5% decrease in Feb, against market expectations of a 0.5% gain.
Measured on an annual basis, the gauge rose 3.5% in March revised increase of 3.3% in the Feb, while markets had projected an expansion of 3.1%.
However, the losses in the EUR/GBP cross were cushioned by broadly weaker pound after the US dollar rebounded supported by the latest FOMC statement.
Meanwhile, a series of economic releases from the Euro zone later in the session may provide fresh incentives on the cross.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7207 (Today’s High) and above which it could extend gains to at 0.7231 (April 29 High) levels. To the downside immediate support might be located at 0.7133 (April 29 Low) levels below that at 0.7114 (April 23 Low) levels.