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EUR/GBP: minor drop after UK data quickly recovered

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 8, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The EUR/GBP pair fell to 0.7222 on a better-than-expected UK industrial production data, but quickly recovered losses to trade around 0.7233 on a weak manufacturing production print.

    Hovers near daily highs

    The pair remains near daily high of 0.7237 as the common currency finds support on weak stock markets. Meanwhile, the cable managed to move off lows, but remains near daily lows.

    Moreover, the industrial production bettered estimates to print at 0.1% m/m and 1.7% y/y. However, the gains in sterling were capped as manufacturing production missed estimates to print at 0.4% m/m and 0.1% y/y.

    EUR/GBP Technical Levels

    At 0.7233, the immediate resistance is seen at 0.7237 (50% of 0.7493-0.6981), above which the gains could be extended to 0.7278 (38.2% of 0.6931-0.7493). On the other hand, a break below 0.7212 (50% of 0.6931-0.7493) would expose 50-DMA at 0.7191.
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