6 Nov 2013
EUR/GBP hits 1-month low after UK IP data
FXstreet.com (Córdoba) - The EUR/GBP pierced below the 0.8380 area and fell to a fresh 1-month low as the pound strengthened broadly following upbeat industrial and manufacturing production data from the UK.
UK industrial production rose 0.9% in September from August and 2.2% YoY, exceeding expectations of a monthly rise of 0.5% and an annual increase of 1.7%. The Sterling received a boost and dragged EUR/GBP to its lowest since Oct 3 at 0.8377 before finding support. The EUR/GBP is extending losses into a third consecutive day Wednesday, with pair currently trading at 0.8385, 0.1% below its opening price.
EUR/GBP technical levels
If the pair breaks below 0.8377, next supports could be found at 0.8365 (Oct 3 low) and 0.8350 (Sep 18 low). On the other hand, resistances are seen at 0.8405 (daily high) and 0.8450 (100-hour SMA).
UK industrial production rose 0.9% in September from August and 2.2% YoY, exceeding expectations of a monthly rise of 0.5% and an annual increase of 1.7%. The Sterling received a boost and dragged EUR/GBP to its lowest since Oct 3 at 0.8377 before finding support. The EUR/GBP is extending losses into a third consecutive day Wednesday, with pair currently trading at 0.8385, 0.1% below its opening price.
EUR/GBP technical levels
If the pair breaks below 0.8377, next supports could be found at 0.8365 (Oct 3 low) and 0.8350 (Sep 18 low). On the other hand, resistances are seen at 0.8405 (daily high) and 0.8450 (100-hour SMA).