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EUR/GBP tests support at 0.8000

FXStreet (Córdoba) - The EUR/GBP pulled back to the 0.8000 psychological area after data showed German GDP declined more than expected in the second quarter of 2014.

German economy contracted by 0.2% QoQ, versus a flat reading expected while on an annual basis German GDP increased 1.2% in Q2, following a 2.5% rise registered the previous quarter.

The EUR/GBP slipped to a low of 0.7999, but it managed to bounce toward daily highs soon after. The pair is currently trading at 0.8012, 0.07% above its opening price and just a few pips away from yesterday’s 6-week high of 0.8020.

Downside risks for the EUR/GBP persist as the Eurozone is scheduled to release the Q2 GDP and July CPI inflation later on the day.

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