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).
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).
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Latest Forex News
Editors’ Picks
EUR/USD bounces to stabilize around 1.1750
Fears keep ruling the financial boards as rising COVID-19 cases lead to fresh lockdowns across the Union, Germany included. Dollar correcting extreme overbought conditions.
GBP/USD falls below 1.30 amid fears of a UK lockdown, Brexit impasse
GBP/USD has dropped below 1.30 as the British government mulls a new lockdown to curb the spread of coronavirus. The pound is also pressured by the Brexit impasse.
XAU/USD hits fresh monthly lows near $1,870 and remains vulnerable
Gold is falling sharply and is down almost two percent, even after trimming losses. XAU/USD tumbled to $1,868/oz reaching the lowest level since late-September.
Bank of Canada leaves policy rate unchanged at 0.25% as expected
In a widely expected decision, the Bank of Canada (BoC) announced on Wednesday that it left its key rate unchanged at 0.25% following its October policy meeting.
WTI bounces off lows near $37.00/bbl post-EIA
Prices of the WTI remain on the defensive albeit off lows. Demand concerns dragged prices to 3-week lows near $37.00. EIA reported an unexpected 4.3 mb build during last week.