8 May 2015
EUR/GBP bounced off 0.7230
FXStreet (Edinburgh) - The solid performance of the sterling today has dragged EUR/GBP to the area of 0.7230 from yesterday’s tops in the upper 0.7400s.
EUR/GBP muted on UK data
With UK elections stealing the show today, the European cross paid little to none attention to the UK trade balance figures. The results showed the UK trade deficit shrunk to £10.12 billion in March from £10.8 billion in the previous month, albeit missing consensus for a £9.8 billion deficit.
Back to the UK Parliamentary elections, the Conservative Party is advancing further, taking 313 seats vs. Labour’s 228 seats and SNP with 56 seats, with just 22 seats left. According to latest rumours, Labour leader Ed Miliband could resign following the results.
EUR/GBP important levels
The cross is now retreating 1.54% at 0.7274 with the next support at 0.7225 (low May 8) ahead of 0.7188 (low Apr.30) and finally 0.7138 (low Apr.29). On the upside, a surpass of 0.7345 (daily cloud top) would open the door to 0.7391 (high May 8) and then 0.7420 (100-d MA).
EUR/GBP muted on UK data
With UK elections stealing the show today, the European cross paid little to none attention to the UK trade balance figures. The results showed the UK trade deficit shrunk to £10.12 billion in March from £10.8 billion in the previous month, albeit missing consensus for a £9.8 billion deficit.
Back to the UK Parliamentary elections, the Conservative Party is advancing further, taking 313 seats vs. Labour’s 228 seats and SNP with 56 seats, with just 22 seats left. According to latest rumours, Labour leader Ed Miliband could resign following the results.
EUR/GBP important levels
The cross is now retreating 1.54% at 0.7274 with the next support at 0.7225 (low May 8) ahead of 0.7188 (low Apr.30) and finally 0.7138 (low Apr.29). On the upside, a surpass of 0.7345 (daily cloud top) would open the door to 0.7391 (high May 8) and then 0.7420 (100-d MA).