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EUR/GBP: Bulls unimpressed by EU CPI, stays around 0.7060

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 16, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The bulls failed to benefit from the release of upbeat Eurozone final CPI report, and the cross remained little changed on the EU CPI data release.

    EUR/GBP hovers around 0.7060 on EU data

    Currently, the EUR/GBP pair trades -0.16% lower at 0.7058, keeping the recovery intact from 0.7048 lows. The cross keeps range around 0.7060, with the euro paying little attention to the Euro zone final CPI figures, which positively surprised markets.

    On annual basis, Euro zone final CPI stood at 0.1%, accelerating from -0.1%. Meanwhile, the core CPI gauge ticked higher to 1.1% in October, Eurostat showed on Monday.

    The cross remains unmoved by the EU data and maintains the offered tone, completely ignoring the persisting weakness seen in GBP/USD.

    Looking ahead, focus now turns to the US data due later today ahead of the UK CPI report due to be published on Tuesday.

    EUR/GBP Technical Levels

    To the upside, the next resistance is located at 0.7075/79 (1h 100-SMA/ daily high), above which it could extend gains to 0.7096/0.7100 (1h 200-SMA/ round number). To the downside immediate support might be located at 0.7023 (daily low) below that at 0.6981 (June low).
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