EUR/GBP muted below 0.72 on upbeat German data

FXStreet (Mumbai) - The shared currency remained almost unchanged versus the British pound in the European morning; keeping EUR/GBP in the same range below 0.72 handle, as markets were unresponsive to the improved German business conditions reflected by above estimates German IFO business climate index.

EUR/GBP unmoved by data

Currently, the EUR/GBP cross trades flat at 0.7190, having posted session lows at 0.7147 and highs at 0.7212 before the data release. The cross in EUR/GBP steadies with little reaction to impressive German data as the shared currency ignored the data release.

The headline Ifo Business Climate Index rose to 108.6 during the fourth month of the year, above the 107.9 booked in March. Markets had forecast 108.4 points in the reported period. The gauge has shown a rising tendency for the sixth successive month.

On the other hand, the pound remains heavily bid against the US dollar amid persistent broad greenback weakness, offsetting effects of a relatively higher EUR/USD on the cross. Meanwhile, markets now focus on US data due later in the day for further cues on EUR/GBP.

EUR/GBP Levels to consider

To the upside, the next resistance is located at 0.7212 (Today’s High) and above which it could extend gains to at 0.7248 (April 20 High) levels. To the downside immediate support might be located at 0.7174 levels below that at 0.7114 (April 23 Low) levels.