27 May 2014
EUR/GBP bounces after UK data
FXStreet (Córdoba) - The EUR/GBP bounced from daily lows to trade nearly flat on the day as the pound weakened on the back of lower than expected BBA Mortgage Approvals for April.
UK BBA Mortgage Approvals fell to 44.2K in April following 45.9K the previous month and missing expectations of 45.2K. The Sterling weakened broadly after the data, erasing intraday gains versus the euro. The EUR/GBP however, continues to trade within recent ranges, having bounced from a low of 0.8085 after the data to currently trade around 0.8095/0.8100 little changed on the day.
EUR/GBP levels to watch
In terms of technical levels, the EUR/GBP could find next resistance levels at 0.8110 (May 27 high), 0.8125 (10-day SMA) and 0.8144 (May 21 high). On the flip side, supports are seen at 0.8080 (17-month low May 23), 0.8060 (Dec 12 2012 low) and 0.8041 (Dec 11 2012 low).
UK BBA Mortgage Approvals fell to 44.2K in April following 45.9K the previous month and missing expectations of 45.2K. The Sterling weakened broadly after the data, erasing intraday gains versus the euro. The EUR/GBP however, continues to trade within recent ranges, having bounced from a low of 0.8085 after the data to currently trade around 0.8095/0.8100 little changed on the day.
EUR/GBP levels to watch
In terms of technical levels, the EUR/GBP could find next resistance levels at 0.8110 (May 27 high), 0.8125 (10-day SMA) and 0.8144 (May 21 high). On the flip side, supports are seen at 0.8080 (17-month low May 23), 0.8060 (Dec 12 2012 low) and 0.8041 (Dec 11 2012 low).