EUR/GBP clings to the EU data on to its gains near 6-week high

FXStreet – The single currency continues its good Performance against the British pound and thus increases the EUR/GBP to the highest level since may 11. April.

The provisional Euro zone GDP is in the 1. Quarter of 2017 compared with the previous quarter, as expected, by 0.5 %, while the earnings on an annual basis, is stable at 1.7 %.

The trade balance of the Eurozone increased in March, with € 23.1 billion, more than the expected € 18.8 bn, while in the previous month, to € 19.1 bn.

The ZEW economic expectations index in Germany was disappointing in may, however, with a score of 20.6, since the forecast was 22.0.

The markets ignored, however, the good result of the UK Inflation, while the good sentiment towards the common currency will be the exclusive driver for the bullish momentum of the pair to 6-week high.

Important Levels

Currently the trade about the middle of the 0,8500 and the next Resistances found at 0,8575/80, 0,8600 and in the middle of the 0,8600. On the other hand, supports are located at 0,8535/30, 0.85 and 0,8460/55.

** FXStreet News Editorial, FXStreet**

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