OctaFX | OctaFX Forex Broker
Open trading account

EUR/GBP ignores German data, Eyes Carney speech

FXStreet (Mumbai) - The EUR/GBP remained largely unaffected by the German data, which showed the economy witnessed moderate strength in Q3, but international trade acted as a drag.

Trades between key MAs

At 0.7021, the pair is trading between the hourly 200-MA and hourly 50-MA located at 0.7027 and 0.7013 respectively. The official data in Germany showed the gross domestic product (GDP) increased 0.3% as estimated. However, the pair did not respond to the data, but appears to have moved off lows due to a rise in the EUR/USD pair from lows.

The traders now BOE’s Carney testimony. Comments on inflation and on the timing of the BOE liftoff could influence Sterling pairs.

EUR/GBP Technical Levels

The immediate resistance is seen at 0.7027 (hourly 200-MA), above which gains could be extended to 0.7102 (23.6% of 0.7493-0.6981). On the other side, support is seen at 0.7007 (5-DMA) and 0.6981 (Nov 18 low).

EUR/USD turns positive on German GDP

The common currency is posting meager gains vs. the dollar on Tuesday, taking EUR/USD to the 1.0630/35 area so far...
Read more Previous

German IFO preview: What to expect of EUR/USD?

EUR/USD steadies near multi-month troughs, although manages to hold above 1.06 handle on the back of a minor correction seen in the US dollar across the board. The recent streak of dovish comments from the ECB officials and the commodity sell-off continue to dampen the sentiment around the euro. In recent dealings, EUR/USD recovered losses after the German final GDP figures revealed that the economy grew at a moderate pace in Q3.
Read more Next
Start livechat