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EUR/GBP around 0.7380 on German data

FXStreet (Edinburgh) - EUR/GBP remains in the lower bound of the narrow daily range so far, hovering over 0.7375/70 following the release of German data.

EUR/GBP upside capped near 0.7400

The lack of direction in both the pound and the shared currency are echoing in the European cross so far, now giving away further ground after German Factory Orders have disappointed markets in August, contracting at a monthly pace of 1.8%

While market participants seem to have already left behind the recent Payrolls figures, the upcoming speech by President M.Draghi as well as the Eurogroup and EcoFin meetings are poised to be the main highlights for the cross today.

EUR/GBP relevant levels

As of writing the cross is losing 0.15% at 0.7375 and a break below 0.7335 (low Sep.28) would expose 0.7303 (low Sep.25) and then 0.7238 (low Sep.24). On the flip side, the next hurdle lines up at 0.7394 (high Oct.1) followed by 0.7442 (high Oct.2) and then 0.7449 (high May 6).

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