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5 Feb 2015
EUR/GBP gains as EU growth outlook upgraded, BOE awaited
FXStreet (Mumbai) - EUR/GBP edged higher during the European session, having traded lack lustre earlier, as the euro area's economic forecast delivered cheerful news suggesting that the EU is set to grow in the coming years.
Breaks above 0.7500 levels
The EUR/GBP pair traded higher by at 0.7500 levels, close to fresh session highs of 0.7510 posted some minutes ago. EUR/GBP broke higher above 0.7500 levels after The European Central Bank (ECB) said in its bulletin that considering "the ongoing recovery and the assumption embedded in futures markets of a gradual increase in oil prices in the period ahead, inflation rates are expected to increase gradually later in 2015 and in 2016."
Economic activity is expected to expand moderately in the EU and in the euro area, before accelerating further in 2016, the EC predicts. The European Union is forecast to grow 1.7% in 2015, while the euro area should rise 1.3%.
Investors are now focusing on the Bank of England's monetary decision, which is due later in the session. The central bank is expected to keep the main rate unchanged at 0.5%, while the total volume of QE purchases should remain at £375 billion.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7531 and above which it could extend gains to at 0.7565 levels. To the downside immediate support might be located at 0.7439 and below that at 0.7402 levels.
Breaks above 0.7500 levels
The EUR/GBP pair traded higher by at 0.7500 levels, close to fresh session highs of 0.7510 posted some minutes ago. EUR/GBP broke higher above 0.7500 levels after The European Central Bank (ECB) said in its bulletin that considering "the ongoing recovery and the assumption embedded in futures markets of a gradual increase in oil prices in the period ahead, inflation rates are expected to increase gradually later in 2015 and in 2016."
Economic activity is expected to expand moderately in the EU and in the euro area, before accelerating further in 2016, the EC predicts. The European Union is forecast to grow 1.7% in 2015, while the euro area should rise 1.3%.
Investors are now focusing on the Bank of England's monetary decision, which is due later in the session. The central bank is expected to keep the main rate unchanged at 0.5%, while the total volume of QE purchases should remain at £375 billion.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7531 and above which it could extend gains to at 0.7565 levels. To the downside immediate support might be located at 0.7439 and below that at 0.7402 levels.