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8 Jan 2015
EUR/GBP slips after Mixed Euro Zone data
FXStreet (Mumbai) - The single currency traded fell against the British pound today, erasing gains from the previous session, on mixed set of data from the 19-nation kept the traders away from creating fresh positions as Euro continues its free fall versus the US dollar.
The EUR/GBP pair now trades at day’s low of 0.7812 levels, having posted days’ high at 0.7856 levels earlier in the day. The EUR/GBP cross remains under pressure as the recent mixed PPI and retails sales data reinforced beliefs the European Central Bank (ECB) will come up with more aggressive monetary stimulus in the form of full scale quantitative easing in the months ahead which dragged the Euro to fresh daily lows against the pound.
Meanwhile, traders are likely to remain cautious before the Bank of England’s (BOE) monetary policy decision which is widely expected to be a non-event for the pair.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7880 (100-DMA) and above which it could extend gains to at 0.7850 (Jan 5 High) levels. To the downside immediate support might be located at 0.7818 (10-DMA) and below that at 0.7762 (Jan 1 Low) levels.
The EUR/GBP pair now trades at day’s low of 0.7812 levels, having posted days’ high at 0.7856 levels earlier in the day. The EUR/GBP cross remains under pressure as the recent mixed PPI and retails sales data reinforced beliefs the European Central Bank (ECB) will come up with more aggressive monetary stimulus in the form of full scale quantitative easing in the months ahead which dragged the Euro to fresh daily lows against the pound.
Meanwhile, traders are likely to remain cautious before the Bank of England’s (BOE) monetary policy decision which is widely expected to be a non-event for the pair.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7880 (100-DMA) and above which it could extend gains to at 0.7850 (Jan 5 High) levels. To the downside immediate support might be located at 0.7818 (10-DMA) and below that at 0.7762 (Jan 1 Low) levels.