20 Aug 2015
EUR/GBP spikes to 0.7115 on UK retail sales miss
FXStreet (Mumbai) - The EUR/GBP cross extends to the upside in the European morning, largely on sterling weakness as below estimates UK retail trade data dented the sentiment around the British currency.
EUR/GBP regains 0.71 and beyond
Currently, the EUR/GBP pair trades 0.23% higher at 0.7115, quickly fading a spike to 0.7115 on data release. The EUR/GBP cross remains well bid mainly driven by a weaker pound after the retail sales data from the UK disappointed markets.
Falls in fuel sales as well as clothing and food meant total retail sales volumes were up by only 0.1% in July in the UK as opposed to expectations of a 0.4% rise. Excluding fuel, retail sales rose in line with estimates by 0.4% on the month, a significant rise compared to June's fall of 0.3%.
On the other hand, EUR/USD traded around a flat line above 1.11 handle, with the Greece repayment to the ECB failing to lift the common currency amid a data-quiet European session.
EUR/GBP Technical Levels
To the upside, the next resistance is located at 0.7120 (Aug 18 High) levels and above which it could extend gains 0.7159 (Aug 14 High) levels. To the downside immediate support might be located at 0.7061 (Aug 17 Low) below that at 0.7037 (Aug 11 Low).
EUR/GBP regains 0.71 and beyond
Currently, the EUR/GBP pair trades 0.23% higher at 0.7115, quickly fading a spike to 0.7115 on data release. The EUR/GBP cross remains well bid mainly driven by a weaker pound after the retail sales data from the UK disappointed markets.
Falls in fuel sales as well as clothing and food meant total retail sales volumes were up by only 0.1% in July in the UK as opposed to expectations of a 0.4% rise. Excluding fuel, retail sales rose in line with estimates by 0.4% on the month, a significant rise compared to June's fall of 0.3%.
On the other hand, EUR/USD traded around a flat line above 1.11 handle, with the Greece repayment to the ECB failing to lift the common currency amid a data-quiet European session.
EUR/GBP Technical Levels
To the upside, the next resistance is located at 0.7120 (Aug 18 High) levels and above which it could extend gains 0.7159 (Aug 14 High) levels. To the downside immediate support might be located at 0.7061 (Aug 17 Low) below that at 0.7037 (Aug 11 Low).