EUR/GBP attempting gains above 0.79 after upbeat EZ CPI data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 17, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    EUR/GBP cross is attempting gains above 0.79 handle after the official data released today revised Eurozone core inflation higher.

    Weak stocks support EUR

    The pair clocked a session high of 0.7911 before falling back to near 0.79 handle. The common currency has an edge over British Pound amid broad based USD selling on account of a drop in the European equities.

    Consequently, the cross was sitting around 0.79 handle ahead of the CPI data release. Eurozone core inflation for February was revised higher to 0.8% y/y from the flash estimate of 0.7% y/y. Thus cross attempted further gains but was rejected at 0.7911 levels.

    EUR/GBP Technical Levels

    The immediate hurdle is seen at 0.7928 (Feb 25 high), above which the cross could target 0.80-0.8006 (Dec 16, 2014 high). On the other hand, a break below 0.79 would expose 0.7850 (daily low).
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