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23 Jan 2015
Pound jumps to fresh 7-year high versus EUR on Outstanding UK data
FXStreet (Mumbai) - The pound jumped to fresh seven year highs against the common currency after Britain’s retails rose much higher than market expectations.
The EUR/GBP pair sinks to new multi-year lows at 0.7512 levels, down -0.70% on the day. The EUR/GBP fell further into red after the data showed that UK retail sales volume rose much above expectations on both monthly and annual basis.
Sales volumes including fuel between in December rose 0.4% while sales excluding fuel rose 0.2% against market predictions of a fall in both cases. Meanwhile, year on year growth in total retail sales was 4.3%, above expectations but weaker than last month's 6.4% rise while retail sales year on year excluding fuel rose 4.2%, again above expectations.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7583 (Today’s High) and above which it could extend gains to at 0.7600 levels. To the downside immediate support might be located at 0.7500 and below that at 0.7485 levels.
The EUR/GBP pair sinks to new multi-year lows at 0.7512 levels, down -0.70% on the day. The EUR/GBP fell further into red after the data showed that UK retail sales volume rose much above expectations on both monthly and annual basis.
Sales volumes including fuel between in December rose 0.4% while sales excluding fuel rose 0.2% against market predictions of a fall in both cases. Meanwhile, year on year growth in total retail sales was 4.3%, above expectations but weaker than last month's 6.4% rise while retail sales year on year excluding fuel rose 4.2%, again above expectations.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7583 (Today’s High) and above which it could extend gains to at 0.7600 levels. To the downside immediate support might be located at 0.7500 and below that at 0.7485 levels.