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26 Feb 2014
EUR/GBP: short-lived spike after UK GDP
FXStreet (Córdoba) - The EUR/GBP spiked to fresh daily highs after the release of UK Q4 GDP figures, although it quickly returned to pre-data levels.
The EUR/GBP jumped to a high of 0.8250 as the pound weakened amid news the UK grew slightly below than expected during the fourth 1uarter. UK GDP rose 2.7% YoY versus 2.8% expected. However, gains were short lived and the EUR/GBP is currently trading at the 0.8230 zone, virtually unchanged since opening.
EUR/GBP technical levels
In terms of technical levels, immediate resistances are now seen at 0.8250/55 (Feb 26 and 25 highs), 0.8285 (Feb 24 high) and 0.8300 (Feb 12 high/psychological level). On the other hand, supports could be found at 0.8224 (Feb 26 low), 0.8214 (Feb 20 low), 0.8189 (Feb 17 low) and 0.8167 (Jan 22 low).
The EUR/GBP jumped to a high of 0.8250 as the pound weakened amid news the UK grew slightly below than expected during the fourth 1uarter. UK GDP rose 2.7% YoY versus 2.8% expected. However, gains were short lived and the EUR/GBP is currently trading at the 0.8230 zone, virtually unchanged since opening.
EUR/GBP technical levels
In terms of technical levels, immediate resistances are now seen at 0.8250/55 (Feb 26 and 25 highs), 0.8285 (Feb 24 high) and 0.8300 (Feb 12 high/psychological level). On the other hand, supports could be found at 0.8224 (Feb 26 low), 0.8214 (Feb 20 low), 0.8189 (Feb 17 low) and 0.8167 (Jan 22 low).