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21 Feb 2014
EUR/GBP spikes on UK retail sales
FXStreet (Córdoba) - The EUR/GBP spiked to fresh daily highs as the pound suffered in the wake of disappointing UK retail sales data.
UK retail sales fell 1.5% in January, the biggest decline since April 2009, and more than the 1.0% drop expected. Over the last twelve months, sales expanded 4.3% missing expectations of a 5.0% gain. The EUR/GBP jumped to a high of 0.8249 but failed to sustain gains and quickly pulled back to pre-data levels.
Despite intraday swings, the EUR/GBP seems pretty comfortable within its recent range of 0.8200/60, where it has spent the last sessions after bouncing from a 1-year low of 0.8156 Monday.
EUR/GBP technical levels
At time of writing, the EUR/GBP is trading at the 0.8225 zone, 0.1% below its opening price. Immediate resistances are now seen at 0.8249/52 (Feb 21 and 20 highs), 0.8300 (Feb 12 high/psychological level) and 0.8335 (Feb 11 high). On the flip side, supports are seen at 0.8214 (Feb 20 low), 0.8189 (Feb 17 low) and 0.8167 (Jan 22 low).
UK retail sales fell 1.5% in January, the biggest decline since April 2009, and more than the 1.0% drop expected. Over the last twelve months, sales expanded 4.3% missing expectations of a 5.0% gain. The EUR/GBP jumped to a high of 0.8249 but failed to sustain gains and quickly pulled back to pre-data levels.
Despite intraday swings, the EUR/GBP seems pretty comfortable within its recent range of 0.8200/60, where it has spent the last sessions after bouncing from a 1-year low of 0.8156 Monday.
EUR/GBP technical levels
At time of writing, the EUR/GBP is trading at the 0.8225 zone, 0.1% below its opening price. Immediate resistances are now seen at 0.8249/52 (Feb 21 and 20 highs), 0.8300 (Feb 12 high/psychological level) and 0.8335 (Feb 11 high). On the flip side, supports are seen at 0.8214 (Feb 20 low), 0.8189 (Feb 17 low) and 0.8167 (Jan 22 low).