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EUR/GBP turns a blind towards German data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 6, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The EUR/GBP hardly batted an eye to a dismal German manufacturing figure after having spiked more than 100-pips in the previous session.

    Comatose above key fib level

    The cross continued to remain comatose above 0.7148 (23.6% of Oct 13 high-Nov 5 low). The German industrial production contracted 1.1% in September, the data released today showed. However, till now we have not seen any response from the EUR/GBP cross.

    The surprisingly dovish BOE event on Thursday triggered a sell-off in Sterling, which led to a jump in the EUR/GBP pair. The immediate focus is now on the UK industrial production and trade balance figure.

    EUR/GBP Technical Levels

    At 0.7155, the immediate support is seen at 0.7145 (61.8% of Jul low-Oct high), under which the cross could target 0.71 handle. On the other side, resistance is seen at at 0.7170 (Aug 12 high) and 0.7196 (Sep 22 low).
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