FxWirePro: EUR/GBP extends downside post upbeat UK manufacturing output data
Downside in EUR/GBP accelerated into UK industrial output data, pair fell around 25 pips from 0.7740 levels to 0.7715 just minutes ahead of data. UK manufacturing output beat expectations, came in at +0.7 % m/m, more tha…
Downside in EUR/GBP accelerated into UK industrial output data, pair fell around 25 pips from 0.7740 levels to 0.7715 just minutes ahead of data.
UK manufacturing output beat expectations, came in at +0.7 % m/m, more than consensus at 0.2 % and compared to reading of -0.2 % in Dec.
Industrial output was inline with expectation y/y, but was slightly lower than expectations on a m/m basis.
The pair has broken major support at 0.7740 and is extending sideways since, Techs are biased lower, pair could see further downside.
Next immediate support lies at 0.7695 (Feb 16th lows) and then at 0.7670 (Feb 5th lows). On the topside resistance is located at 0.7742 (Jan 21st highs) and then at 0.7758 (Feb 15th highs).
