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11 Mar 2015
EUR/GBP drops to 0.7050
FXStreet (Edinburgh) - EUR/GBP continues to grind lower during the European morning, now testing fresh lows in the mid-0.7000s.
EUR/GBP lower on UK data
The cross dropped further after manufacturing and industrial production in the British economy disappointed investors during January, expanding less than forecasted 1.9% and 1.3% on a yearly basis, respectively.
Next of relevance in the UK docket will be the speech by MPC Martin Weale and the UK GDP projections by the NIESR in the three months ended in February (0.7% prev.).
EUR/GBP levels to consider
At the moment the cross is down 0.68% at 0.7050 with the next support at 0.7022 (monthly high Apr.2006) ahead of 0.7000 (psychological level). On the upside, a surpass of 0.7179 (high Mar.10) would aim for 0.7214 (10-d MA) and then 0.7220 (high Mar.9).
EUR/GBP lower on UK data
The cross dropped further after manufacturing and industrial production in the British economy disappointed investors during January, expanding less than forecasted 1.9% and 1.3% on a yearly basis, respectively.
Next of relevance in the UK docket will be the speech by MPC Martin Weale and the UK GDP projections by the NIESR in the three months ended in February (0.7% prev.).
EUR/GBP levels to consider
At the moment the cross is down 0.68% at 0.7050 with the next support at 0.7022 (monthly high Apr.2006) ahead of 0.7000 (psychological level). On the upside, a surpass of 0.7179 (high Mar.10) would aim for 0.7214 (10-d MA) and then 0.7220 (high Mar.9).