9 Jan 2015
EUR/GBP unmoved by Solid UK Manufacturing Report
FXStreet (Mumbai) - The pound traded steady against the common currency today, extending its upward momentum, as markets cheered stronger manufacturing production report.
The EUR/GBP pair now trades at 0.7804 levels, down -0.09 levels, having posted days’ low at 0.7799 levels before the data release. The EUR/GBP is expected to remain lower as traders digest mixed readings from Britain’s manufacturing and industrial production reports. Manufacturing, the larger sector within the total UK industrial production, increased 0.7% in November following a 0.7% plunge in October, while it was forecast to increase 0.3% in the month.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7850 (Jan 5 High) and above which it could extend gains to at 0.7875 (Jan 6 High) levels. To the downside immediate support might be located at 0.7802 and below that at 0.7762 (Jan 1 Low) levels.
The EUR/GBP pair now trades at 0.7804 levels, down -0.09 levels, having posted days’ low at 0.7799 levels before the data release. The EUR/GBP is expected to remain lower as traders digest mixed readings from Britain’s manufacturing and industrial production reports. Manufacturing, the larger sector within the total UK industrial production, increased 0.7% in November following a 0.7% plunge in October, while it was forecast to increase 0.3% in the month.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7850 (Jan 5 High) and above which it could extend gains to at 0.7875 (Jan 6 High) levels. To the downside immediate support might be located at 0.7802 and below that at 0.7762 (Jan 1 Low) levels.