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13 May 2015
EUR/GBP keeps range near 0.7165 on mixed German data
FXStreet (Mumbai) - EUR/GBP kept gains in the early European morning and remained largely unmoved by mixed German data which showed that German economic growth moderated in Q1 while the price pressures rose in April.
EUR/GBP little changed post data
Currently, the EUR/GBP cross trades 0.13% higher at 0.7165, having posted day’s high at 0.7174 and day’s low at 0.7153. The cross in EUR/GBP steadies after Germay’s CPI and GDP data release which came out mixed with Germany's GDP in the first quarter 2015, expanded 0.3%, following the 0.7% upturn seen in Q4 2014.
While, German CPI rose 0.5% in April compared to the same period a year ago, beating flash data released at the end of the previous month and expectations of 0.4% growth. In March, the gauge booked a 0.3% increase.
On the other hand, the cross remained lifted largely on broad USD weakness which continues to support EUR bulls.
Meanwhile, markets now shift their focus towards EMU GDP data, Uk’s employment data and the quarterly Inflation Report from the BOE for further momentum.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7200 and above which it could extend gains to at 0.7226 (May 12 High) levels. To the downside immediate support might be located at 0.7152 (Today’s Low) levels below that at 0.7133 (April 29 Low) levels.
EUR/GBP little changed post data
Currently, the EUR/GBP cross trades 0.13% higher at 0.7165, having posted day’s high at 0.7174 and day’s low at 0.7153. The cross in EUR/GBP steadies after Germay’s CPI and GDP data release which came out mixed with Germany's GDP in the first quarter 2015, expanded 0.3%, following the 0.7% upturn seen in Q4 2014.
While, German CPI rose 0.5% in April compared to the same period a year ago, beating flash data released at the end of the previous month and expectations of 0.4% growth. In March, the gauge booked a 0.3% increase.
On the other hand, the cross remained lifted largely on broad USD weakness which continues to support EUR bulls.
Meanwhile, markets now shift their focus towards EMU GDP data, Uk’s employment data and the quarterly Inflation Report from the BOE for further momentum.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7200 and above which it could extend gains to at 0.7226 (May 12 High) levels. To the downside immediate support might be located at 0.7152 (Today’s Low) levels below that at 0.7133 (April 29 Low) levels.