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26 Jan 2015
EUR/GBP posts fresh session highs on solid Ifo Data, breaks above 0.7500
FXStreet (Mumbai) - The Euro jumped to fresh daily highs against the pound after Ifo data revealed that business conditions improved in Germany.
The EUR/GBP pair posts fresh daily highs at 0.7501 levels, up 0.37% on the day, recovering from fresh seven year lows at 0.7405 levels. The EUR/GBP rallied after the most crucial index, the Ifo Expectations Index, ticked higher to 102.0 after the previous reading of 101.1, showing that Germany is still performing pretty well compared to other European countries.
However, uncertainty from the Greek elections is likely to weigh on the cross.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7583 and above which it could extend gains to at 0.7600 levels. To the downside immediate support might be located at 0.7427 and below that at 0.7400 levels.
The EUR/GBP pair posts fresh daily highs at 0.7501 levels, up 0.37% on the day, recovering from fresh seven year lows at 0.7405 levels. The EUR/GBP rallied after the most crucial index, the Ifo Expectations Index, ticked higher to 102.0 after the previous reading of 101.1, showing that Germany is still performing pretty well compared to other European countries.
However, uncertainty from the Greek elections is likely to weigh on the cross.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7583 and above which it could extend gains to at 0.7600 levels. To the downside immediate support might be located at 0.7427 and below that at 0.7400 levels.