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EUR/GBP rises above 100 DMA after German IFO data

FXStreet (Mumbai) - The EUR/GBP pair rose above the 100-DMA level located at 0.7919, after the release of the upbeat German IFO data.

The pair traded at 0.18% higher at 0.7929 at the time of writing. The single currency gained strength after the German IFO’s business climate index beat expectations by printing at 104.7, its first rise in seven months. The current assessment came-in at 110.00, compared to the forecast of 108.00. Meanwhile, expectations index also came-in higher at 99.7.

Moreover, the upbeat german data resulted in a slightly corrective rally in the EUR after a sharp sell-off witnessed on Friday.

EUR/GBP Technical Levels

The pair currently trades above the 100-DMA level of 0.7919, and may extend gains to 0.7945 (10-DMA). On the other hand, failure to sustain gains above the 100-DMA shall open doors for a fresh sell-off towards 0.7884 (50-DMA).

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