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22 May 2015
EUR/GBP climbs to 0.7130 on IFO
FXStreet (Edinburgh) - Mixed results from the German IFO today have briefly lifted EUR/GBP to test daily peaks in the 0.7130 area.
EUR/GBP propped up by euro
While the pound performance remains quite flat for the time being, the upbeat tone is mainly driving the cross higher during the European morning. Mixed results from the German IFO during May saw both Current Assessment and Business Climate coming in above forecasts, while the Expectations component dropped to 10.3 from 103.1 expected and April’s 103.4.
Next of relevance will be President Draghi’s speech followed by UK’s Public Sector Net Borrowing and Governor Carney’s speech.
EUR/GBP key levels
The cross is now advancing 0.45 at 0.7127 and a surpass of 0.7166 (high May 21) would open the door to 0.7180 (10-d MA) and then 0.7187 (high May 20). On the other hand, the immediate support aligns at 0.7091 (low May 21) ahead of 0.7036 (low Mar.12) and finally 0.7015 (2015 low Mar.11).
EUR/GBP propped up by euro
While the pound performance remains quite flat for the time being, the upbeat tone is mainly driving the cross higher during the European morning. Mixed results from the German IFO during May saw both Current Assessment and Business Climate coming in above forecasts, while the Expectations component dropped to 10.3 from 103.1 expected and April’s 103.4.
Next of relevance will be President Draghi’s speech followed by UK’s Public Sector Net Borrowing and Governor Carney’s speech.
EUR/GBP key levels
The cross is now advancing 0.45 at 0.7127 and a surpass of 0.7166 (high May 21) would open the door to 0.7180 (10-d MA) and then 0.7187 (high May 20). On the other hand, the immediate support aligns at 0.7091 (low May 21) ahead of 0.7036 (low Mar.12) and finally 0.7015 (2015 low Mar.11).