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10 Feb 2015
EUR/GBP falls to fresh session lows ahead of UK data
FXStreet (Mumbai) - The pound edged higher against the shared currency in the European morning, knocking off EUR/GBP to fresh session lows as traders now await UK manufacturing production data due later today.
Holds above 0.7400
The EUR/GBP pair trades lower by 0.15% at fresh session lows of 0.7430 levels, having clocked intraday high at 0.7446 EUR/GBP tick down, although continued its side trend as markets now focus on UK manufacturing and industrial production data for December. Both readings are expected to show a slight decline due to falling oil prices negatively impacting north Sea oil output.
On the other hand, EUR/USD remains cautious ahead of French industrial output data, while traders closely watch developments on the Greece front.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7460 and above which it could extend gains to at 0.7500 levels. To the downside immediate support might be located at 0.7402 and below that at 0.7380 (2008) levels.
Holds above 0.7400
The EUR/GBP pair trades lower by 0.15% at fresh session lows of 0.7430 levels, having clocked intraday high at 0.7446 EUR/GBP tick down, although continued its side trend as markets now focus on UK manufacturing and industrial production data for December. Both readings are expected to show a slight decline due to falling oil prices negatively impacting north Sea oil output.
On the other hand, EUR/USD remains cautious ahead of French industrial output data, while traders closely watch developments on the Greece front.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7460 and above which it could extend gains to at 0.7500 levels. To the downside immediate support might be located at 0.7402 and below that at 0.7380 (2008) levels.