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EUR/GBP drops further on UK CPI

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 15, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - EUR/GBP is testing the 0.7270 area in the wake of the release of inflation figures in the UK during November.

    EUR/GBP trims gains on UK data

    The European cross has given further ground after UK consumer prices have matched expectations during November, rising 0.1% on a yearly basis and coming in flat inter-month.

    Next of relevance will be the ZEW Survey in both Germany and the euro area, with expectations pointing to an improvement in the key Economic Sentiment component.

    EUR/GBP levels to consider

    As of writing the cross is up 0.14% at 0.7272 with the next resistance at 0.7374 (76.4% Fibo of 0.7496-0.6979) ahead of 0.7400 (psychological level) and finally 0.7496 (high Oct.13). On the flip side, a breach of 0.7203 (200-day sma) would expose 0.7176 (38.2% Fibo of 0.7496-0.6979) and then 0.7101 (23.6% Fibo of 0.7496-0.6979).
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