11 Aug 2015
EUR/GBP keeps range near 0.7075 on ZEW
FXStreet (Mumbai) - The shared currency defends mild gains versus the British pound in the mid-European session, with EUR/GBP keeping the range in the upper band of 0.70 handle, as the euro was unmoved following the release of mixed set of ZEW surveys from Germany.
EUR/GBP retains gains on mixed ZEW
Currently, the EUR/GBP pair trades 0.10% higher at 0.7075, hovering close to session highs reached at 0.7079 pre-data release. The EUR/GBP cross remains well bid with the German ZEW surveys showing little impact on the European currency. The single currency remained firmer as investors' appetite returned after the Greek deal with its creditors.
Meanwhile, ZEW economic sentiment in Germany for August dropped from 29.7 to 25.0, while the current situation gauge improved to 65.7 from 63.9 previously.
On the other hand, GBP/USD erased gains and trades below 1.56 handle as markets remain cautious awaiting fresh cues from the upcoming US macro updates due in the New York session.
EUR/GBP Technical Levels
To the upside, the next resistance is located at 0.7099 (Aug 10 High) levels and above which it could extend gains 0.7133 (July 28 High) levels. To the downside immediate support might be located at 0.7039 (Today’s Low) below that at 0.7000.
EUR/GBP retains gains on mixed ZEW
Currently, the EUR/GBP pair trades 0.10% higher at 0.7075, hovering close to session highs reached at 0.7079 pre-data release. The EUR/GBP cross remains well bid with the German ZEW surveys showing little impact on the European currency. The single currency remained firmer as investors' appetite returned after the Greek deal with its creditors.
Meanwhile, ZEW economic sentiment in Germany for August dropped from 29.7 to 25.0, while the current situation gauge improved to 65.7 from 63.9 previously.
On the other hand, GBP/USD erased gains and trades below 1.56 handle as markets remain cautious awaiting fresh cues from the upcoming US macro updates due in the New York session.
EUR/GBP Technical Levels
To the upside, the next resistance is located at 0.7099 (Aug 10 High) levels and above which it could extend gains 0.7133 (July 28 High) levels. To the downside immediate support might be located at 0.7039 (Today’s Low) below that at 0.7000.