29 Aug 2013
EUR/GBP tumbles after dismal German labor data
FXstreet.com (Athens) - The EUR/GBP lost heavy ground, moving downwards for a second consecutive day, on much weaker than expected German data.
EUR/GBP collapses after discouraging German labor data
The EUR/GBP is heading on the lower side, for a second straight day due to better UK data release, but mostly to disappointing German labor data figures. Unemployment rose by seven thousand for the month, worse than expectations for unemployment to drop off by 5 thousand and the reported 7 thousand person decline in job searchers in July. Meanwhile, the Bundesbank cut the annual growth forecast for 2013 in June to 0.3%, despite predicting a gradual recovery for the rest of the year. Last but not least, solid UK figures still prevail across the board; UK Lloyds Business Barometer released at 54 versus 41, which was the prior one.
Technical outlook on EUR/GBP
At the time of writing the pair is trading at 0.8552, down 0.43%. The FXstreet.com Trend Index shows the pair to be strongly bearish. Daily pivot point support can be found at 0.8520, 0.8500, 0.8484 and resistance at 0.8600, 0.8622, 0.8698 respectively.
EUR/GBP collapses after discouraging German labor data
The EUR/GBP is heading on the lower side, for a second straight day due to better UK data release, but mostly to disappointing German labor data figures. Unemployment rose by seven thousand for the month, worse than expectations for unemployment to drop off by 5 thousand and the reported 7 thousand person decline in job searchers in July. Meanwhile, the Bundesbank cut the annual growth forecast for 2013 in June to 0.3%, despite predicting a gradual recovery for the rest of the year. Last but not least, solid UK figures still prevail across the board; UK Lloyds Business Barometer released at 54 versus 41, which was the prior one.
Technical outlook on EUR/GBP
At the time of writing the pair is trading at 0.8552, down 0.43%. The FXstreet.com Trend Index shows the pair to be strongly bearish. Daily pivot point support can be found at 0.8520, 0.8500, 0.8484 and resistance at 0.8600, 0.8622, 0.8698 respectively.