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28 Jan 2014
EUR/GBP spikes after UK GDP
FXstreet.com (Córdoba) - The EUR/GBP saw a short-lived spike toward daily highs after the UK GDP figures came in line with expectations.
The UK gross domestic product grew 0.7% in the fourth quarter, down from 0.8% in the 2 prior quarters, while in annualized terms GDP rose 2.8%. The pound weakened in the knee-jerk reaction, with EUR/GBP jumping to the 0.8250 area before pulling back to pre-data levels. At the time of writing, the EUR/GBP is trading at the 0.8230 zone, 0.1% below its opening price.
EUR/GBP technical levels
In terms of technical levels, the EUR/GBP could find immediate resistances at 0.8250 (Jan 28 high) and 0.8305 (Jan 27 high). On the other hand, supports are seen at 0.8221 (Jan 28 low) and 0.8200 (psychological level).
The UK gross domestic product grew 0.7% in the fourth quarter, down from 0.8% in the 2 prior quarters, while in annualized terms GDP rose 2.8%. The pound weakened in the knee-jerk reaction, with EUR/GBP jumping to the 0.8250 area before pulling back to pre-data levels. At the time of writing, the EUR/GBP is trading at the 0.8230 zone, 0.1% below its opening price.
EUR/GBP technical levels
In terms of technical levels, the EUR/GBP could find immediate resistances at 0.8250 (Jan 28 high) and 0.8305 (Jan 27 high). On the other hand, supports are seen at 0.8221 (Jan 28 low) and 0.8200 (psychological level).