EUR/GBP drops to lows near 0.7320

Pablo Piovano FXStreet

FXStreet (Edinburgh) - The now offered tone around the shared currency is pushing EUR/GBP to test daily lows in the vicinity of 0.7320.

EUR/GBP lower post-German data

The European cross has found renewed selling pressure after German Industrial Production missed estimates during July, expanding at a monthly pace of 0.7% vs. 1.0% gain initially forecasted and coming up from June’s 1.4% contraction.

The cross remains in a sort of consolidative range in the low-0.7300s so far, trimming some gains from Friday’s recovery post-Payrolls.

EUR/GBP key levels

At the moment the cross is losing 0.34% at 0.7325 and a breakout of 0.7276 (low Sep.3) would expose 0.7259 (low Aug.28) and then 0.7091 (low Aug.20). On the flip side, the immediate hurdle lines up at 0.7376 (high Sep.3) followed by 0.7398 (high Sep.2) and finally 0.7423 (high Aug.24).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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