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8 Dec 2015
EUR/GBP: minor drop after UK data quickly recovered
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.
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.