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EUR/GBP muted post-German data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - EUR/GBP keeps meandering the upper-0.7300s after climbing as high as the 0.7430 area during the European morning.

    EUR/GBP capped by 0.7390

    The European cross has showed little reaction after CPI data in Germany showed inflation have slowed down from previous months, with consumer prices rising 0.3% on a year to December. The broader HICP has also came in below expectations at 0.2% on a yearly basis.

    The upside sentiment around the single currency seems to have diminished somewhat from initial trade, fading the spike to daily highs near 0.7430 vs. the sterling.

    EUR/GBP levels to consider

    As of writing the cross is up 0.08% at 0.7377 with the next resistance at 0.7426 (high Jan.4) followed by 0.7496 (high Oct.13) and finally 0.7600 (psychological level). On the flip side, a breach of 0.7299 (61.8% Fibo of 0.7496-0.6979) would expose 0.7254 (100-day sma) and then 0.7190 (55-day sma).
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