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7 Jan 2015
EUR/GBP forms a Doji candle post German Retail sales data
The EUR/GBP pair erased gains to trade largely unchanged after the official data in Germany showed a slowdown in German retail sales growth in November.
The pair dipped from a pre-data high of 0.7849 to trade at 0.7844 levels. The single currency came under pressure after the data in Germany showed retail turnover contracted 0.8% year-on-year in November, compared to the 2% expansion seen in October. Moreover, the weak data pushed the EUR/USD to fresh nine year low which erased gains in the EUR/GBP cross.
EUR/GBP Technical Levels
The pair has an immediate resistance at 0.7850, above which gains could be extended to 0.7875 levels. Meanwhile, support is seen at 0.7838 and 0.7816 levels.
The pair dipped from a pre-data high of 0.7849 to trade at 0.7844 levels. The single currency came under pressure after the data in Germany showed retail turnover contracted 0.8% year-on-year in November, compared to the 2% expansion seen in October. Moreover, the weak data pushed the EUR/USD to fresh nine year low which erased gains in the EUR/GBP cross.
EUR/GBP Technical Levels
The pair has an immediate resistance at 0.7850, above which gains could be extended to 0.7875 levels. Meanwhile, support is seen at 0.7838 and 0.7816 levels.