Investing.com – The euro was down against the pound on Tuesday, tumbling to a 3-day low after official data showed that U.K. GDP rose significantly more-than-expected in the third quarter.
EUR/GBP hit 0.8777 during European late morning trade, the pair’s lowest since October 21; the pair subsequently consolidated at 0.8786, plunging 1.08%.
The pair was likely to find support at 0.8736, the low of October 20 and resistance at 0.8941, Monday’s high and a 7-month high.
Earlier in the day, the U.K. Office for National Statistics said that GDP increased by a seasonally adjusted 0.8% in the third quarter, after rising by a revised 1.2% in the preceding quarter. Analysts had expected GDP to rise 0.4% in the third quarter.
The report said that the increase was due to faster growth in the services, production and construction sectors. Total services output rose 0.6% in the third quarter while total production output also rose 0.6% and construction output rose 4.0%.
The euro was also down against the U.S. dollar, with EUR/USD shedding 0.07% to hit 1.3956.
Also Tuesday, data showed that Germany’s Gfk consumer climate outlook for November remained unchanged at 4.9, after rising for the four preceding months.
EUR/GBP hit 0.8777 during European late morning trade, the pair’s lowest since October 21; the pair subsequently consolidated at 0.8786, plunging 1.08%.
The pair was likely to find support at 0.8736, the low of October 20 and resistance at 0.8941, Monday’s high and a 7-month high.
Earlier in the day, the U.K. Office for National Statistics said that GDP increased by a seasonally adjusted 0.8% in the third quarter, after rising by a revised 1.2% in the preceding quarter. Analysts had expected GDP to rise 0.4% in the third quarter.
The report said that the increase was due to faster growth in the services, production and construction sectors. Total services output rose 0.6% in the third quarter while total production output also rose 0.6% and construction output rose 4.0%.
The euro was also down against the U.S. dollar, with EUR/USD shedding 0.07% to hit 1.3956.
Also Tuesday, data showed that Germany’s Gfk consumer climate outlook for November remained unchanged at 4.9, after rising for the four preceding months.