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EUR/GBP struggles to cheer uptick in German inflation

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 30, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The German inflation was reported higher as expected by the markets, but the EUR/GBP is having a tough time cheering the same.

    Hovers around 0.7045

    The cross continues to trade around 0.7045; largely unchanged after the German preliminary Nov CPI was reported as expected at 0.1% m/m and 0.4% y/y. An uptick in inflation was in line with the estimates and thus EUR traders hardly reacted to the data.

    The cross may witness action later today following the release of the US housing and regional manufacturing data, but a main focus is now on the UK manufacturing data due tomorrow.

    EUR/GBP Technical Levels

    At 0.7045, the pair faces immediate resistance is seen at 0.7050 (strong resistance throughout European session), above which the pair faces hurdle at 0.7080 (Nov 24 high) and 0.7102 (23.6% of 0.7493-0.6981). On the downside, 5-DMA at 0.7034 could offer support, under which the pair could drop to 0.70 handle.
    For more information, read our latest forex news.
     

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