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EUR/GBP keeps highs around 0.7050 on German Ifo

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 24, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The EUR/GBP cross received fresh impetus from stronger than expected German Ifo surveys, which boosted the demand for the shared currency across the board.

    EUR/GBP: Bulls delighted on Ifo

    Currently, the EUR/GBP pair rises 0.40% to fresh six-day highs of 0.7050, extending sharply above hourly 200-SMA at 0.7029. The cross edged higher after the German Ifo business climate figures surprised markets to the upside and provided the much need respite to the EUR bulls.

    The headline Ifo Business Climate Index rose to 109 in Nov, above the 108.2 booked in October. The current assessment sub-survey rose to 113.4 points, after the previous month's figure of 112.7 and above estimates of 112.4 points.

    On the other side, the pound remains muted against the US dollar ahead of the BOE inflation report hearing due later this session. While the upcoming US GDP report may also remain in focus for major impact on both, the EUR and GBP.

    EUR/GBP Technical Levels

    To the upside, the next resistance is located at 0.7082 (Nov 16 high), above which it could extend gains to 0.7300. To the downside immediate support might be located at 0.7000 (round number) below that at 0.6989 (Nov 23 Low).
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