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EUR/GBP steadies near 0.7600 post-EMU CPI

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 29, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    FXStreet (Mumbai) - The EUR/GBP cross keeps range near 0.76 handle following the release of Euro are CPI report, with the core figures accelerating in Jan.

    EUR/GBP heads for a retest of 0.7625?

    Currently, the EUR/GBP pair trades -0.18% lower at 0.7603, keeping its recovery mode from 0.7562 session lows intact. The cross in the EUR/GBP was little changed after the release of the Euro zone CPI data, as the shared currency completely ignored the upbeat data and continued to hover above 1.09 handle against the greenback. Consumer prices in the 19-nation euro bloc rose 0.4% y/y in Jan up from the 0.2% uptick seen in December.

    On the GBP-side, the cable accelerates to the downside on the back of broad based US dollar strength and amid a lack of fresh fundamental triggers from the UK docket. Markets now await the US GDP data for further momentum on the cross.

    EUR/GBP Technical Levels

    To the upside, the next resistance is located at 0.7623/28 (10-DMA/ 1h 200-SMA), above which it could extend gains to 0.7700 (round number). To the downside immediate support might be located at 0.7581 (Jan 19 High) below that at 0.7549 (daily S2).
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