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EUR/GBP resilient to weak German data

FXStreet (Mumbai) - The EUR/GBP pair hardly batted an eye even though the data in Germany showed the retail turnover unexpectedly dropped in October.

Supported by hourly 100-MA

The cross shed a couple of pips following the release of the German data, but managed to find support around the hourly 100-MA at 0.7038 levels. German retail sales dropped 0.4% m/m in October compared to the expectation of a 0.4% rise. The resilience may have been due to the upward revision of Sep’s figure from 3.4% to 3.5%.

The next data on cards is the UK consumer credit, mortgage approvals, and money supply, followed by the German preliminary CPI report.

EUR/GBP Technical Levels

At 0.7040, the immediate support is seen at 0.7038 (hourly 100-MA), under which the cross could re-test 0.7023 (hourly 200-MA). A break lower would expose 0.70 handle. On the other side, resistance is seen at 0.7051 (Nov 27 high) and 0.7080 (Nov 24 high).

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