FxWirePro: EUR/GBP hammered below the 0.74 handle, further downside likely
EUR/GBP was hammered below the 0.74 handle, following the release of the UK's GDP report and the current account data ONS data showed that the UK's GDP stood solid at 0.7% q/q in Q2, while the current account deficit nar…
EUR/GBP was hammered below the 0.74 handle, following the release of the UK's GDP report and the current account data
ONS data showed that the UK's GDP stood solid at 0.7% q/q in Q2, while the current account deficit narrowed to GBP16.8 billion, down from a revised deficit of GBP24 billion in Q1
EUR/GBP cross accelerated to the downside as the pound was boosted across the board after the data
The pair hit session lows at 0.7387, but has pared some losses and currently hovers around the 0.74 handle
Eurozone unemployment rate and the headline CPI number were worse than consensus, but EUR largely muted post data
CPI contracted at an annual pace of 0.1% vs. forecasts for a flat reading and down from July's 0.1% advance. The core print stayed put at 0.9%, matching estimates
Resistance for EUR/GBP is located at 0.7431 (Today's High), above which it could extend gains to 0.7487 levels (May highs)
To the downside immediate support might be located at 0.7333 (Sept 28 Low) below that at 0.7292 (Sept 11 Low)
