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16 Dec 2014
EUR/GBP climbs higher after Germany’s economic conditions improve
FXStreet (Mumbai) - The single currency advanced against the sterling as Germany’s and Euro zone as a bloc’s ZEW Economic Sentiment readings beat market estimates.
Currently, the EUR/GBP pair is trading at 7970 levels, up 0.21%, compared to previous session’s close of 0.7954 levels. The EUR/GBP pair gains as the Euro jumped against the US dollar after investor confidence rose to highest since May 2014 on German ZEW survey for December which showed signs of recovery, remaining in positive territory for the second successive month after halting ten straight months of declines. The ZEW index rose to 31.8 in December from the 11.5 increase in November, rebounding further from the lowest level since November 2012. EUR/GBP also gained as the pound remains pressured after muted UK inflation print.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7974 (Dec 15 High) and above which it could extend gains to 0.7983 (Oct 17 High) levels. To the downside immediate support might be located at 0.7930 (50-day SMA) and below that at 0.7919 (100-day SMA) levels.
Currently, the EUR/GBP pair is trading at 7970 levels, up 0.21%, compared to previous session’s close of 0.7954 levels. The EUR/GBP pair gains as the Euro jumped against the US dollar after investor confidence rose to highest since May 2014 on German ZEW survey for December which showed signs of recovery, remaining in positive territory for the second successive month after halting ten straight months of declines. The ZEW index rose to 31.8 in December from the 11.5 increase in November, rebounding further from the lowest level since November 2012. EUR/GBP also gained as the pound remains pressured after muted UK inflation print.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7974 (Dec 15 High) and above which it could extend gains to 0.7983 (Oct 17 High) levels. To the downside immediate support might be located at 0.7930 (50-day SMA) and below that at 0.7919 (100-day SMA) levels.