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EUR/GBP remains capped below 0.7900 post UK data

10:46 31 March /2016 Forex

The EUR/GBP cross kept range just below 0.79 handle following the release of mixed economic releases from the British economy, including a better final GDP print.

EUR/GBP stalls a 3-day rally

Currently, the EUR/GBP pair trades 0.11% higher at 0.7894, reversing a spike to 0.7913 post UK GDP release. The cross in the EUR/GBP remained largely unchanged as the upbeat UK GDP backed gains in the cable were offset by a renewed bout of buying interest in the EUR/USD pair.

Moreover, markets remain wary and mull over mixed UK dataflow, with the current account hitting record deficit, while the economy emerges stronger than expected in Q4 2015. The third and final estimate of GDP came at 0.6% in Q4 2015 versus prior estimate of 0.5%. The annual rate of GDP growth was also higher at 2.1%, compared to previous estimate of 1.9%.

Attention now turns towards the Euro zone flash CPI estimate due later shortly for further cues on the cross.

EUR/GBP Technical Levels

To the upside, the next resistance is located at 0.7947/50 (Mar 24 High/ psychological levels), above which it could extend gains to 0.8000 (round number/ Dec 2014 levels). To the downside immediate support might be located at 0.7875/76 (1h 200-SMA/ 5-DMA) below that at 0.7839/11 (20-DMA/ Mar 22 Low).

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