EUR/GBP stays below hourly 200-MA after German CPI

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 28, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The EUR/GBP cross stays below hourly 200-MA located at 0.7630 even though the preliminary German CPI was slightly upbeat.

    Supported by hourly 50-MA

    The cross found bids around the hourly 50-MA at 0.7604 earlier today, but the recovery was cut short around the hourly 200-MA resistance. The data released in Germany showed the harmonized CPI fell 0.9% m/m in January as opposed to the expected drop of 1%.

    However, the data failed to push the pair above its hourly 200-MA. The FX traders now await US data – durable goods orders, weekly jobless claims and housing figures.

    EUR/GBP Technical Levels

    The immediate support is seen at 0.7596 (hourly 100-MA), under which the cross would expose 0.7573 (23.6% of 0.6981-0.7755). On the other hand, a break above 0.7630 (hourly 200-MA) could see the pair test 0.7666 (previous day’s high).
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