18 Jun 2015
EUR/GBP pares gains near 0.7165
FXStreet (Mumbai) - The British pound trimmed losses versus the shared currency in the European morning, pushing EUR/GBP away from fresh session highs, after the pound received fresh impetus following impressive retail sales data from the UK which surprised markets on the upside.
EUR/GBP drops from 0.7177 post UK data
Currently, the EUR/GBP cross trades 0.06% higher at 0.7166, easing off session highs reached at 0.7183 before the data release. The cross in EUR/GBP pared gains after the British currency was boosted after the release of upbeat UK retail sales data.
UK retail sales up came in above estimates by 0.2% in May, according to figures released by the Office for National Statistics (ONS) on Thursday. Year on year figures, including fuel, rose in line with estimates by 4.6%, while sales excluding fuel rose slightly above predictions by 4.4%.
On the other hand, the shared currency remains strongly bid around 1.14 handle on the back of broad USD sell-off, which caps the downside in the EUR/GBP cross.
Meanwhile, markets await Greece headlines ahead of the upcoming Euro group meeting commencing shortly.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7183 (Today’s High) and above which it could extend gains to at 0.7213 (June 17 High) levels. To the downside immediate support might be located at 0.7140 (June 17 Low) levels below that at 0.7094 (May 28 Low) levels.
EUR/GBP drops from 0.7177 post UK data
Currently, the EUR/GBP cross trades 0.06% higher at 0.7166, easing off session highs reached at 0.7183 before the data release. The cross in EUR/GBP pared gains after the British currency was boosted after the release of upbeat UK retail sales data.
UK retail sales up came in above estimates by 0.2% in May, according to figures released by the Office for National Statistics (ONS) on Thursday. Year on year figures, including fuel, rose in line with estimates by 4.6%, while sales excluding fuel rose slightly above predictions by 4.4%.
On the other hand, the shared currency remains strongly bid around 1.14 handle on the back of broad USD sell-off, which caps the downside in the EUR/GBP cross.
Meanwhile, markets await Greece headlines ahead of the upcoming Euro group meeting commencing shortly.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7183 (Today’s High) and above which it could extend gains to at 0.7213 (June 17 High) levels. To the downside immediate support might be located at 0.7140 (June 17 Low) levels below that at 0.7094 (May 28 Low) levels.