15 Jul 2015
EUR/GBP spikes to highs at 0.7068 on UK employment data
FXStreet (Mumbai) - The EUR/GBP cross turned in positive territory and jumped higher in the European morning, following the release of UK employment data, largely as pound was hammered to lows versus the shared currency after the unemployment rate ticked up in May for first time since 2013.
EUR/GBP heads towards 0.7100
Currently, the EUR/GBP pair 0.36% higher at fresh session highs of 0.7068, swiftly rising from 0.7040 level on data release. The cross in EUR/GBP erased mild losses and swung back higher in green, jumping nearly 20 pips after the pound fell on disappointing UK jobs data.
The UK's jobless rate has risen to 5.6% in May after breaking records for dropping to its lowest rate in April as the number of people claiming unemployment benefits rose by its largest monthly increase in more than two years. However pay excluding bonuses failed to meet expectations but still rose by 2.8%, its highest level in more than six years.
While the EUR/USD extends beyond 1.1000 levels ahead of Greek parliament vote later today while also awaiting fresh incentive from Fed Chair Yellen’s speech scheduled prior to the Greek vote.
EUR/GBP Technical Levels
To the upside, the next resistance is located at 0.7137 (July 14 High) levels and above which it could extend gains 0.7169 (June 29 High) levels. To the downside immediate support might be located at 0.7022 (Today’s Low) below that at 0.6981 (June 29 Low) levels.
EUR/GBP heads towards 0.7100
Currently, the EUR/GBP pair 0.36% higher at fresh session highs of 0.7068, swiftly rising from 0.7040 level on data release. The cross in EUR/GBP erased mild losses and swung back higher in green, jumping nearly 20 pips after the pound fell on disappointing UK jobs data.
The UK's jobless rate has risen to 5.6% in May after breaking records for dropping to its lowest rate in April as the number of people claiming unemployment benefits rose by its largest monthly increase in more than two years. However pay excluding bonuses failed to meet expectations but still rose by 2.8%, its highest level in more than six years.
While the EUR/USD extends beyond 1.1000 levels ahead of Greek parliament vote later today while also awaiting fresh incentive from Fed Chair Yellen’s speech scheduled prior to the Greek vote.
EUR/GBP Technical Levels
To the upside, the next resistance is located at 0.7137 (July 14 High) levels and above which it could extend gains 0.7169 (June 29 High) levels. To the downside immediate support might be located at 0.7022 (Today’s Low) below that at 0.6981 (June 29 Low) levels.