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6 Feb 2015
EUR/GBP hits fresh session lows, German data eyed
FXStreet (Mumbai) - EUR/GBP edged slightly lower in the early European morning, giving away gains from the previous session as traders remained on the sidelines awaiting fresh incentives from the European session.
Back below 0.7500
The EUR/GBP pair trades lower by -0.17% at fresh session lows of 0.7475 levels, retreating from day’s high posted at 0.7488 at the open. EUR/GBP inches lower as traders remain cautious ahead of German industrial production data which may have major impact on the cross. The pair continues to trade side-ways amid lack of fresh trigger for the pair ahead of Europe open.
Moreover, traders have moved past upbeat German factory orders data and ECB's emergency loan plan for Greek banks driven rally in the EUR and now await fresh cues from the upcoming macro releases from the Euro area, the UK and the crucial US NFP data.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7488 and above which it could extend gains to at 0.7500 levels. To the downside immediate support might be located at 0.7439 and below that at 0.7402 levels.
Back below 0.7500
The EUR/GBP pair trades lower by -0.17% at fresh session lows of 0.7475 levels, retreating from day’s high posted at 0.7488 at the open. EUR/GBP inches lower as traders remain cautious ahead of German industrial production data which may have major impact on the cross. The pair continues to trade side-ways amid lack of fresh trigger for the pair ahead of Europe open.
Moreover, traders have moved past upbeat German factory orders data and ECB's emergency loan plan for Greek banks driven rally in the EUR and now await fresh cues from the upcoming macro releases from the Euro area, the UK and the crucial US NFP data.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7488 and above which it could extend gains to at 0.7500 levels. To the downside immediate support might be located at 0.7439 and below that at 0.7402 levels.