FxWirePro: EUR/GBP largely muted to weaker UK industrial output data, focus on Yellen’s testimony
EUR/GBP fades a spike to 0.7790, quickly reversing gains post downbeat UK industrial output data. UK's total industrial production in December dropped by 1.1%; it's lowest output level since September 2012, while the man…
EUR/GBP fades a spike to 0.7790, quickly reversing gains post downbeat UK industrial output data.
UK's total industrial production in December dropped by 1.1%; it's lowest output level since September 2012, while the manufacturing production, also missed estimates, falling 0.2% m/m.
Markets already priced-in a weak print, focus now on Yellen's testimony due later in the NY session.
Immediate resistance for the pair lies at 0.7850 (Feb 9th highs), while support on the downside lies at 0.7745 (5-DMA).
Further bullishness can be seen only on breaks above strong trendline resistance currently at 0.7860, tests of 0.79 and then 0.8040 levels likely.