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20 May 2015
EUR/GBP hovers near lows, below 0.7170
FXStreet (Mumbai) - The shared currency accelerated losses versus the British pound in the European morning session, knocking-off EUR/GBP to fresh session lows, after German factory gate prices fell more than expected in April.
EUR/GBP dropped from 0.7191
Currently, the EUR/GBP cross trades -0.22% lower at 0.7167, hovering near 0.7150 fresh session lows at 0.7163. The shared currency continues to be heavily offered versus the pound as the latest downbeat German PPI data added to the concerns over Euro zone’s economic recovery.
The headline annual Producer Price Index (PPI) in Germany declined 1.5% in April, but less than the decrease of 1.7% posted in March. Market consensus had bet on a 1.4% drop.
However, the losses were cushioned as the cable also remains weak ahead of BOE minutes which are expected to offer no surprise in voting composition among the nine-strong rate-setting committee.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7186 (Today’s High) and above which it could extend gains to at 0.7200 levels. To the downside immediate support might be located at 0.7150 levels below that at 0.7138 (May 11 Low) levels.
EUR/GBP dropped from 0.7191
Currently, the EUR/GBP cross trades -0.22% lower at 0.7167, hovering near 0.7150 fresh session lows at 0.7163. The shared currency continues to be heavily offered versus the pound as the latest downbeat German PPI data added to the concerns over Euro zone’s economic recovery.
The headline annual Producer Price Index (PPI) in Germany declined 1.5% in April, but less than the decrease of 1.7% posted in March. Market consensus had bet on a 1.4% drop.
However, the losses were cushioned as the cable also remains weak ahead of BOE minutes which are expected to offer no surprise in voting composition among the nine-strong rate-setting committee.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7186 (Today’s High) and above which it could extend gains to at 0.7200 levels. To the downside immediate support might be located at 0.7150 levels below that at 0.7138 (May 11 Low) levels.