7 Apr 2015
EUR/GBP wavers around 0.73 post UK data
FXStreet (Mumbai) - The shared currency continues to get battered by the pound in the European session; knocking-off EUR/GBP below 0.73 handle, largely on euro weakness on Greek woes as the sterling ignored positive UK services PMI reading.
EUR/GBP drops from 0.7300
Currently, the EUR/GBP cross trades lower near fresh session lows around 0.7300, down -0.54% on the day. The cross in EUR/GBP fell further into red despite no reaction in the pound after activity in the UK services improved above expectations at the end of the first quarter 2015. Markit/CIPS PMI measure came in at 58.9, up from the previous month's 56.7 and above the estimate of 57.0.
The cross remained deep in red largely on the weakness seen in the shared currency across the board as the euro shrugged off upbeat EZ data, as focus shifted on Greece situation ahead of the key repayment to the IMF on Thursday.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7351 and above which it could extend gains to at 0.7381 levels. To the downside immediate support might be located at 0.7292 levels below that at 0.7251 levels.
EUR/GBP drops from 0.7300
Currently, the EUR/GBP cross trades lower near fresh session lows around 0.7300, down -0.54% on the day. The cross in EUR/GBP fell further into red despite no reaction in the pound after activity in the UK services improved above expectations at the end of the first quarter 2015. Markit/CIPS PMI measure came in at 58.9, up from the previous month's 56.7 and above the estimate of 57.0.
The cross remained deep in red largely on the weakness seen in the shared currency across the board as the euro shrugged off upbeat EZ data, as focus shifted on Greece situation ahead of the key repayment to the IMF on Thursday.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7351 and above which it could extend gains to at 0.7381 levels. To the downside immediate support might be located at 0.7292 levels below that at 0.7251 levels.