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EUR/GBP steadies after mixed German retail sales data


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FXStreet (Mumbai) – The common currency steadied against the British pound in the early European session, after retail sales data reflected a mixed picture of the shopper’s spending in Germany.

EUR/GBP slips from 0.7527


The EUR/GBP pair traded flat at 0.7518 levels, quickly slipping from session highs at 0.7527 posted after the data release. The EUR/GBP remained modestly flat after Germany booked mixed results in the final festive month of the year 2014 on a monthly basis.


Retail turnover declined 0.2% in real terms month-on-month in December, down from a revised 0.9% growth recorded November, compared to market expectations of a 0.3% increase. On y/y basis, the sales volume rose 4.0% in December following a revised decrease of 1.0% in November, beating projections of an expansion of 3.6%.


Meanwhile, traders now await the Euro Area inflation readings for further momentum on the cross.


EUR/GBP Levels to consider


To the upside, the next resistance is located at 0.7550 and above which it could extend gains to at 0.7584 levels. To the downside immediate support might be located at 0.7500 and below that at 0.7442 levels.