The EUR/GBP cross quickly reversed a brief spike near 0.78 handle and reverted to the familiar range around 0.7775 levels, following the release of downbeat UK industrial output data. EUR/GBP back to square one post-UK IP data Currently, the EUR/GBP pair trades -0.34% lower at 0.7775, reversing a spike to 0.7790 levels reached pre-data release. The EUR/GBP cross was little changed on the weaker UK industrial figures as markets appear to already price-in such a print, as the cable dropped sharply towards daily lows just few minutes before the data release. The UK's total industrial production in December dropped by 1.1%; it's lowest output level since September 2012, while the manufacturing production, also missed estimates, falling 0.2% m/m. Moreover, the losses in the EUR/USD pair amid relief rally seen in the European stocks, also adds to the offered tone on the EUR/GBP cross. Meanwhile, markets will continue to digest the latest industrial production report from the UK ahead of Yellen’s testimony due alter in the NY session. EUR/GBP Technical Levels To the upside, the next resistance is located at 0.7796/0.7800 (daily pivot/ round number), above which it could extend gains to 0.7834 (Jan 2015 High). To the downside immediate support might be located at 0.7725 (1h 100-SMA) below that at 0.7672 (10-DMA). For more information, read our latest forex news.