EUR/GBP retreats from 0.8500 ahead of German data

EUR/GBP remains muted on Friday in the Asian session.
The Euro remains muted despite the upbeat economic data.
The sterling gains on mixed economic data and Brexit optimism.

Rekha Chauhan Independent Analyst

After making a low of 0.8459, EUR/GBP trades higher in the Asian session. The pair made a high of 0.8506 in the overnight session.

At the time of writing, EUR/GBP is trading at 0.8498 up 0.04 % for the day.

The shared currency continues to decline against the pound on mixed economic numbers. The Eurozone Industrial Production fell 0.3% in June as compared to market expectations of 0.2%.

The ZEW indicator of Economics Sentiment for the Euro area fell 48.7 in August. The resurgence of the COVID-19 and fears of slow economic recovery weighed on the Euro.

On the other hand, the sterling gained on mixed economic data. Britain’s Gross Domestic Product (GDP) jumped 22.2% on a yearly basis whereas Industrial Production fell 0.7%, much above the market expectations of 0.3% increase.
In the latest development, post-Brexit Britain wants to liberalise trade with poor countries.

As for now, traders are waiting for the German Wholesale Prices, Euro Balance of Trade to take fresh trading impetus.

EUR/GBP additional levels

EUR/GBP

Overview
Today last price	0.8499
Today Daily Change	0.0005
Today Daily Change %	0.06
Today daily open	0.8494

Trends
Daily SMA20	0.8533
Daily SMA50	0.8558
Daily SMA100	0.8592
Daily SMA200	0.8725

Levels
Previous Daily High	0.8504
Previous Daily Low	0.8456
Previous Weekly High	0.8558
Previous Weekly Low	0.847
Previous Monthly High	0.867
Previous Monthly Low	0.85
Daily Fibonacci 38.2%	0.8486
Daily Fibonacci 61.8%	0.8474
Daily Pivot Point S1	0.8465
Daily Pivot Point S2	0.8436
Daily Pivot Point S3	0.8416
Daily Pivot Point R1	0.8514
Daily Pivot Point R2	0.8533
Daily Pivot Point R3	0.8562

Author

Rekha Chauhan

Independent Analyst

Rekha Chauhan has been working as a content writer and research analyst in the forex and equity market domain for over two years.

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