15 Sep 2015
EUR/GBP bounces-off lows, back to square one on ZEW
FXStreet (Mumbai) - The cross in the EUR/GBP bounced-off session lows and trimmed losses following the release of a mixed set of ZEW survey from Germany.
EUR/GBP rises from 0.7315 levels
Currently, the EUR/GBP pair drops -0.12% to 0.7329, recovering from fresh session lows struck at 0.7313 in last hours. The EUR/GBP cross recovered half its slide and reverted to familiar range around 0.7330 levels as the European currency pared losses, despite deteriorating economic sentiment in the Euro zone’s economic power-house.
The ZEW survey for September tracking German economic sentiment dropped sharply from 25.0 to 12.1, while the current situation gauge ticked higher to 67.5 from 65.7 previously.
Meanwhile, the downside pressure persists on a stronger GBP/USD after the UK CPI print lifted the sentiment around the pound. Consumer-price inflation in the UK showed no growth in August year-on-year, after the 0.1% rate previously.
EUR/GBP Technical Levels
To the upside, the next resistance is located at 0.7344 (Today’s High) levels and above which it could extend gains 0.7400 levels. To the downside immediate support might be located at 0.7292 (Sept 11 Low) below that at 0.7243 (Aug 31 Low).
EUR/GBP rises from 0.7315 levels
Currently, the EUR/GBP pair drops -0.12% to 0.7329, recovering from fresh session lows struck at 0.7313 in last hours. The EUR/GBP cross recovered half its slide and reverted to familiar range around 0.7330 levels as the European currency pared losses, despite deteriorating economic sentiment in the Euro zone’s economic power-house.
The ZEW survey for September tracking German economic sentiment dropped sharply from 25.0 to 12.1, while the current situation gauge ticked higher to 67.5 from 65.7 previously.
Meanwhile, the downside pressure persists on a stronger GBP/USD after the UK CPI print lifted the sentiment around the pound. Consumer-price inflation in the UK showed no growth in August year-on-year, after the 0.1% rate previously.
EUR/GBP Technical Levels
To the upside, the next resistance is located at 0.7344 (Today’s High) levels and above which it could extend gains 0.7400 levels. To the downside immediate support might be located at 0.7292 (Sept 11 Low) below that at 0.7243 (Aug 31 Low).