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16 Apr 2014
EUR/GBP drops to lows after UK data
FXStreet (Edinburgh) - The GBP is gathering more traction now, dragging the EUR/GBP to test fresh intraday lows in the area of 0.8235/30.
EUR/GBP hurt by data
Auspicious data from the UK’s labour market gave extra wings to the sterling (above 1.68 vs. the US dollar), sinking the cross to multi-day lows in the 0.8230 area. The ILO unemployment rate ticked lower to 6.9% while the unemployment declined by 30.4K vs 30.0K expected. However, the stubbornness of the EUR (near 1.3850 vs. the greenback) is preventing the cross from falling further.
EUR/GBP levels to consider
The cross is now retreating 0.24% at 0.8237 with the next support at 0.8214 (76.4% of 0.8157-0.84) ahead of 0.8204 (low Mar.5). On the upside, a break above 0.8301 (21-d MA) would aim for 0.8314 (high Apr.3) and then 0.8321 (high Mar.27).
EUR/GBP hurt by data
Auspicious data from the UK’s labour market gave extra wings to the sterling (above 1.68 vs. the US dollar), sinking the cross to multi-day lows in the 0.8230 area. The ILO unemployment rate ticked lower to 6.9% while the unemployment declined by 30.4K vs 30.0K expected. However, the stubbornness of the EUR (near 1.3850 vs. the greenback) is preventing the cross from falling further.
EUR/GBP levels to consider
The cross is now retreating 0.24% at 0.8237 with the next support at 0.8214 (76.4% of 0.8157-0.84) ahead of 0.8204 (low Mar.5). On the upside, a break above 0.8301 (21-d MA) would aim for 0.8314 (high Apr.3) and then 0.8321 (high Mar.27).