EUR/GBP regains 0.7100 and above

May 22, 2015

The better tone in the single currency plus the steady stance in the sterling are allowing the current rebound in EUR/GBP beyond the 0.7100 handle.

EUR/GBP motivated by German data

The cross reacted positively following the auspicious release from the German GDP during the first quarter, showing the domestic economy grew 0.3% QoQ, matching previous estimates.

In the meantime, the buoyant tone remains intact around the euro, with the main focus of attention being Greece and the developments from the EU Leaders gathering in Riga. On the GBP-side, UK’s Public Sector Net Borrowing figures are due ahead in the session preceding the speech by Governor M.Carney.

EUR/GBP key levels

The cross is now advancing 0.31 at 0.7117 and a surpass of 0.7166 (high May 21) would open the door to 0.7180 (10-d MA) and then 0.7187 (high May 20). On the other hand, the immediate support aligns at 0.7091 (low May 21) ahead of 0.7036 (low Mar.12) and finally 0.7015 (2015 low Mar.11).

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