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4 Feb 2015
EUR/GBP slides to fresh session lows post upbeat UK data
FXStreet (Mumbai) - EUR/GBP fell further to record new session lows as the pound gained after activity in the UK services sector improved above expectations in January.
Slipped from 0.7560 levels
The EUR/GBP pair posts fresh session lows at 1.7547 levels, down 0.30% on the day, retracing from 0.7560 levels post the data release. The British pound edged slightly higher versus the euro after the UK services sector activity, accounting for a major 78.4% of the whole economy, expanded for the 25th consecutive month.
In January, the sector's business activity posted a figure of 57.2, rising from the previous month's 55.8 points, and well above market estimates of 56.3.
Meanwhile, recent upbeat economic releases from the UK may push the Bank of England (BOE) for a rate lift-off sooner than expected as markets await the BOE MPC Meeting due tomorrow for fresh cues on the cross.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7584 and above which it could extend gains to at 0.7620 levels. To the downside immediate support might be located at 0.7525 and below that at 0.7500 levels.
Slipped from 0.7560 levels
The EUR/GBP pair posts fresh session lows at 1.7547 levels, down 0.30% on the day, retracing from 0.7560 levels post the data release. The British pound edged slightly higher versus the euro after the UK services sector activity, accounting for a major 78.4% of the whole economy, expanded for the 25th consecutive month.
In January, the sector's business activity posted a figure of 57.2, rising from the previous month's 55.8 points, and well above market estimates of 56.3.
Meanwhile, recent upbeat economic releases from the UK may push the Bank of England (BOE) for a rate lift-off sooner than expected as markets await the BOE MPC Meeting due tomorrow for fresh cues on the cross.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7584 and above which it could extend gains to at 0.7620 levels. To the downside immediate support might be located at 0.7525 and below that at 0.7500 levels.