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EUR/GBP cracks 0.7300 on UK data

FXStreet (Mumbai) - The cross in the EUR/GBP extended losses and hammered through 0.73 barrier, following the release of the UK’s GDP report and the current account data.

EUR/GBP breaks below hourly 50-MA

Currently, the EUR/GBP pair falls -0.42% to fresh session lows of 0.7392, failing to resist the hourly 50-MA then located at 0.7405. The EUR/GBP cross accelerated to the downside as the pound was boosted across the board after the UK Q2 GDP showed solid growth momentum while the current account deficit narrowed in the second quarter.

The ONS showed that the UK's GDP stood solid in the second quarter, remaining at 0.7% q/q. While the current account deficit narrowed to GBP16.8 billion in Q2, down from a revised deficit of GBP24 billion in previous quarter.

The cross remains pressured also on EUR/USD weakness as dismal German datasets continue to weigh on the investors’ sentiment. Meanwhile, focus now shifts towards the EZ CPI and employment data due later today for further momentum.

EUR/GBP Technical Levels

To the upside, the next resistance is located at 0.7431 (Today’s High) levels and above which it could extend gains to 0.7487 (May Highs) levels. To the downside immediate support might be located at 0.7333 (Sept 28 Low) below that at 0.7292 (Sept 11 Low).

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