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EUR/GBP remains largely unaffected by UK CPI data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 22, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    EUR/GBP had a re-look at the daily high of 0.7857 after the UK CPI release, before falling back to 0.7840; a level seen ahead of the data release.

    Trades above 5-DMA

    The cross still sits above 5-DMA level of 0.7829 levels. Prices spiked to a high of 0.7857 earlier today after news of a terror attack in Brussels saw investors running for cover. This is resulted in a March sharper fall in GBP/USD as compared to EUR/USD.

    Meanwhile, another attempt at daily highs post UK data release quickly ran out of steam. UK CPI for February came-in at 0.2% m/m and 0.3% y/y, both missing estimates.

    EUR/GBP Technical Levels

    The immediate hurdle is seen at 0.7857 (daily high), above which the cross could target 0.7897 (Feb 11 high). On the other hand, a break below 0.7804 (10-DMA) would expose 0.7774 (Mar 18 low).
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