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29 Jul 2015
EUR/GBP ignores UK data, trades around 0.7085
FXStreet (Mumbai) - The EUR/GBP pair turned a blind eye towards upbeat UK data to trade in the sideways manner around 0.7085 levels.
Struggles to rise above hourly 50-MA
The spot is struggling to rise above the hourly 50-MA currently located at 0.7086. The British Pound failed to strengthen after the batch of upbeat UK data hit the wires. Mortgage Approvals and Consumer Credit both bettered the initial estimates at 66.58K and GBP 1.22 billion, respectively. M4 Money Supply contracted 0.5% from May to June and Net Lending to Individuals increased to GBP 3.8 billion in June.
EUR/GBP Technical Levels
The immediate support is seen at 0.7071 (5-DMA), under which the spot could extend losses to 0.7052 (July 6 low). On the other hand, resistance is seen at 0.7100 and 0.7136 (50-DMA).
Struggles to rise above hourly 50-MA
The spot is struggling to rise above the hourly 50-MA currently located at 0.7086. The British Pound failed to strengthen after the batch of upbeat UK data hit the wires. Mortgage Approvals and Consumer Credit both bettered the initial estimates at 66.58K and GBP 1.22 billion, respectively. M4 Money Supply contracted 0.5% from May to June and Net Lending to Individuals increased to GBP 3.8 billion in June.
EUR/GBP Technical Levels
The immediate support is seen at 0.7071 (5-DMA), under which the spot could extend losses to 0.7052 (July 6 low). On the other hand, resistance is seen at 0.7100 and 0.7136 (50-DMA).