15 Sep 2015
EUR/GBP dips to 0.7315 on UK CPI
FXStreet (Mumbai) - The cross in the EUR/GBP ran through fresh offers near 0.7330 region and dropped sharply about 20 pips following the release of in line with estimates the UK CPI print.
EUR/GBP weighed down by the UK data
Currently, the EUR/GBP pair drops -0.26% to fresh session lows of 0.7313, with all eyes set on 0.73 barrier. The pound accelerated gains versus the European currency after the UK inflation print boosted sterling, staying flat last month.
The UK inflation figures decelerated in line with expectations as the annual rate of CPI dropped to 0%. The core CPI inflation, which is stripped of price changes in energy, food and alcohol, also dropped in line with predictions to 1.0% after rising to 1.2% in July, its highest rate in 7 months, the latest data showed.
Meanwhile, the cross also remains heavy on the back of weaker euro against the US dollar as traders remain cautious ahead of the German ZEW survey due to be published shortly.
EUR/GBP Technical Levels
To the upside, the next resistance is located at 0.7344 (Today’s High) levels and above which it could extend gains 0.7400 levels. To the downside immediate support might be located at 0.7292 (Sept 11 Low) below that at 0.7243 (Aug 31 Low).
EUR/GBP weighed down by the UK data
Currently, the EUR/GBP pair drops -0.26% to fresh session lows of 0.7313, with all eyes set on 0.73 barrier. The pound accelerated gains versus the European currency after the UK inflation print boosted sterling, staying flat last month.
The UK inflation figures decelerated in line with expectations as the annual rate of CPI dropped to 0%. The core CPI inflation, which is stripped of price changes in energy, food and alcohol, also dropped in line with predictions to 1.0% after rising to 1.2% in July, its highest rate in 7 months, the latest data showed.
Meanwhile, the cross also remains heavy on the back of weaker euro against the US dollar as traders remain cautious ahead of the German ZEW survey due to be published shortly.
EUR/GBP Technical Levels
To the upside, the next resistance is located at 0.7344 (Today’s High) levels and above which it could extend gains 0.7400 levels. To the downside immediate support might be located at 0.7292 (Sept 11 Low) below that at 0.7243 (Aug 31 Low).