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24 Feb 2015
EUR/GBP holds near 7-year lows post German data
FXStreet (Mumbai) - EUR/GBP remains close to seven year lows after German GDP data confirmed that Germany further away from recession territory in the final quarter of 2014.
EUR/GBP on its way to fresh yearly lows
The EUR/GBP pair trades flat at 0.7333 levels, inching towards seven year lows at 0.7326 levels reached in the previous session. EUR/GBP traded flat, with the shared currency little affected by upbeat final German GDP reading which matched the preliminary figures. The GDP numbers showed that Germany managed to considerably accelerate its growth in the last quarter of 2014. On the GBP side of the story, the pound remains flat versus the greenback ahead of inflation hearings report later in the session.
Meanwhile, traders are likely to closely monitor developments from Greece and Euro zone CPI data followed by ECB Presidents Draghi’s speech for further momentum on the cross.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7367 (5-DMA) and above which it could extend gains to at 0.7383 (10-DMA) levels. To the downside immediate support might be located at 0.7326 (Feb 23 Low) and below that at 0.7300 (2008 Lows) levels.
EUR/GBP on its way to fresh yearly lows
The EUR/GBP pair trades flat at 0.7333 levels, inching towards seven year lows at 0.7326 levels reached in the previous session. EUR/GBP traded flat, with the shared currency little affected by upbeat final German GDP reading which matched the preliminary figures. The GDP numbers showed that Germany managed to considerably accelerate its growth in the last quarter of 2014. On the GBP side of the story, the pound remains flat versus the greenback ahead of inflation hearings report later in the session.
Meanwhile, traders are likely to closely monitor developments from Greece and Euro zone CPI data followed by ECB Presidents Draghi’s speech for further momentum on the cross.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7367 (5-DMA) and above which it could extend gains to at 0.7383 (10-DMA) levels. To the downside immediate support might be located at 0.7326 (Feb 23 Low) and below that at 0.7300 (2008 Lows) levels.