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EUR/GBP unperturbed by EU CPI, around 0.7350

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 16, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The cross in the EUR/GBP keeps the offered tone intact in the mid-European session, as the shared currency paid little heed to the softer price pressures in the Euro are economies, as confirmed by the final reading.

    EUR/GBP stuck in narrow range

    Currently, the EUR/GBP pair loses -0.16% to 0.7350, fading a spike to 0.7361 session highs. The EUR/GBP cross remains continued to trade in a flat line with the poor EU CPI data having negligible impact on the euro.

    The CPI in the 19-nation bloc dropped 0.1% y/y in Sept following the 0.1% hike seen in August, the weakest reading since March.

    Whilst the cable trades modestly flat, paring gains and now awaits fresh incentives from the upcoming US economic data for further momentum. Besides, BOE MPC member Forbes speech will be also closely eyed for any cues on the BOE rate hike timing.

    EUR/GBP Technical Levels

    To the upside, the next resistance is located at 0.7387 (hourly 50-SMA), above which it could extend gains to 0.7400 (psychological levels). To the downside immediate support might be located at 0.7338 (50-DMA) below that at 0.7300 (round number).
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