EUR/GBP refreshes session tops on dismal UK macro data, lacks follow-through

   •  Dismal UK macro data prompts some fresh selling around the British Pound.
   •  Upside remains capped amid fears of an economic slowdown in the Euro-zone.

The EUR/GBP cross held on to its mildly positive tone through the early European session and refreshed session tops, around the 0.8770-75 region post-UK macro releases. 

The British Pound remained on the back-foot, rather lost some ground after data released this Monday showed that the UK economy contracted 0.4% m/m in December, with the quarterly growth rate slowing to 0.2% during the fourth quarter of 2018 and yearly rate also falling more than expected to 1.3%. 

Adding to the disappointment, a sharp deceleration in the UK industrial and manufacturing production data, coupled with slightly higher than expected UK trade deficit figures further dented the already weaker sentiment surrounding the British Pound and provided a minor lift in the last hour.

The uptick, however, lacked any strong follow-through amid lack of any strong buying around the shared currency, which continues to be weighed down by growing concerns about the health of the Euro-zone's economic growth, especially after the European Commission lowered its growth forecasts last Thursday.

Hence, it would be prudent to wait for a strong follow-through buying before traders start positioning for any further appreciating move amid uncertainty surrounding Britain's exit from the European Union.

Technical levels to watch

EUR/GBP

Overview:
    Today Last Price: 0.8758
    Today Daily change %: 0.06%
    Today Daily Open: 0.8753
Trends:
    Daily SMA20: 0.8768
    Daily SMA50: 0.8899
    Daily SMA100: 0.8864
    Daily SMA200: 0.8865
Levels:
    Previous Daily High: 0.8766
    Previous Daily Low: 0.8741
    Previous Weekly High: 0.8822
    Previous Weekly Low: 0.8726
    Previous Monthly High: 0.9119
    Previous Monthly Low: 0.8617
    Daily Fibonacci 38.2%: 0.8751
    Daily Fibonacci 61.8%: 0.8757
    Daily Pivot Point S1: 0.8741
    Daily Pivot Point S2: 0.8728
    Daily Pivot Point S3: 0.8715
    Daily Pivot Point R1: 0.8766
    Daily Pivot Point R2: 0.8779
    Daily Pivot Point R3: 0.8792

 

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.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD steady around 1.1240 in ultra-thin holiday's trading

The EUR/USD pair bounced some 20 pips from its weekly low during the Asian session, now mute around 1.1240 with most market's off today. Softer-than-expected US housing data passed unnoticed.

EUR/USD News

GBP/USD battling around 1.3000

The GBP/USD pair is heading nowhere fast after bottoming for the week at 1.2978, amid lack of progress in Brexit negotiations.  Encouraging UK data failed to trigger Pound's demand.

GBP/USD News

USD/JPY: On track to close in the middle of its 50-pip weekly range below 112

The USD/JPY pair remains frozen below the 112 handle in the NA session and there is no reason for it to make a meaningful move as investors are already enjoying the Easter holiday.

USD/JPY News

The Tale of the Prosperous Consumer-US Retail Sales

American consumers asserted the right to spend in a grand fashion in March boosting retail sales to the fastest expansion in 18 months as the booming job market put the shutdown marked holiday season to rest.

Read more

Gold Forecast: Eyes 8-month rising trendline after weakest weekly close since December

The troy ounce of the precious metal lost around $17 this week and now looks to record its lowest weekly close since the end of December near $1275.

Gold News

majors

Cryptocurrencies

Signatures


  •  
  •  
  •  
  •  
  •