27 Jul 2015
EUR/GBP shoots to 0.7150
FXStreet (Edinburgh) - A firmer tone in the single currency is helping EUR/GBP to clinch session tops in the mid-0.7100s so far.
EUR/GBP attention to EMU data
The cross continues to extend the recovery after dropping to fresh ytd lows in the 0.6930 area in mid-July, backed by a solid performance from the euro and a rising offered tone in sterling.
Ahead in the session, German IFO figures are due ahead of credit and money supply results in the euro area. Market consensus is pointing to a small correction lower in the IFO indicator for the current month.
EUR/GBP key levels
As of writing the cross is up 0.80% at 0.7134 and a break above 0.7150 (high Jul.27) would expose 0.7203 (high Jul.13) and then 0.7223 (high Jul.10). On the other hand, the initial support lines up at 0.7067 (low Jul27) followed by 0.6989 (low Jul.23) ahead of 0.7053 (low Jul.24) and finally 0.6889 (low Jul.23).
EUR/GBP attention to EMU data
The cross continues to extend the recovery after dropping to fresh ytd lows in the 0.6930 area in mid-July, backed by a solid performance from the euro and a rising offered tone in sterling.
Ahead in the session, German IFO figures are due ahead of credit and money supply results in the euro area. Market consensus is pointing to a small correction lower in the IFO indicator for the current month.
EUR/GBP key levels
As of writing the cross is up 0.80% at 0.7134 and a break above 0.7150 (high Jul.27) would expose 0.7203 (high Jul.13) and then 0.7223 (high Jul.10). On the other hand, the initial support lines up at 0.7067 (low Jul27) followed by 0.6989 (low Jul.23) ahead of 0.7053 (low Jul.24) and finally 0.6889 (low Jul.23).