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31 Mar 2015
EUR/GBP hits fresh 6-day lows post EMU data
FXStreet (Mumbai) - The losses in EUR/GBP continue to accelerate during the mid-European session, with the cross falling to fresh six days lows, after consumer price inflation in the euro zone in March remained in negative territory for the fourth consecutive month.
EUR/GBP hovers near lows
Currently, the EUR/GBP cross trades lower at 0.7264, down -0.73% on the day, heading near close to fresh one week lows reached at 0.7261 levels before the data release. The cross in EUR/GBP fell further in to losses largely on extended broad euro weakness as the euro came under additional pressure after the inflation rate in the 19 nation bloc was 0.1% lower than a year in March, following the 0.3% fall seen in February.
On the other hand, the weakness seen in GBP across the board despite upbeat UK GDP data, cushions the losses in EUR/GBP. Meanwhile, traders now await US economic data due for release later in the day for further moves on the cross.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7300 and above which it could extend gains to at 0.7341 levels. To the downside immediate support might be located at 0.7220 levels below that at 0.7200 levels.
EUR/GBP hovers near lows
Currently, the EUR/GBP cross trades lower at 0.7264, down -0.73% on the day, heading near close to fresh one week lows reached at 0.7261 levels before the data release. The cross in EUR/GBP fell further in to losses largely on extended broad euro weakness as the euro came under additional pressure after the inflation rate in the 19 nation bloc was 0.1% lower than a year in March, following the 0.3% fall seen in February.
On the other hand, the weakness seen in GBP across the board despite upbeat UK GDP data, cushions the losses in EUR/GBP. Meanwhile, traders now await US economic data due for release later in the day for further moves on the cross.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7300 and above which it could extend gains to at 0.7341 levels. To the downside immediate support might be located at 0.7220 levels below that at 0.7200 levels.