EUR/GBP spiked to 0.7330, EMU data eyed

By FXStreet FXStreet (Edinburgh) – The better performance of the shared currency has pushed EUR/GBP to session tops in the 0.7330 area on Tuesday, although losing some upside momentum afterwards.

EUR/GBP attention to EMU’s GDP

Chinese trade balance results have disappointed markets in early trade, with imports contracting more than expected and exports bettering expectations albeit still in the negative territory.

The risk-off environment has been growing bigger since then, giving extra legs to EUR across the board ahead of EMU’s GDP figures due later. Consensus expects the bloc’s economy to have expanded at an annual pace of 1.2% and 0.3% QoQ during the second quarter.

EUR/GBP key levels

At the moment the cross is up 0.11% at 0.7319 with the next resistance at 0.7376 (high Sep.3) ahead of 0.7398 (high Sep.2) and then 0.7423 (high Aug.24). On the flip side, a breach of 0.7300 (low Sep.8) would aim for 0.7276 (low Sep.3) and finally 0.7259 (low Aug.28).
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Source:: FX Street