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17 Mar 2016
EUR/GBP attempting gains above 0.79 after upbeat EZ CPI data
EUR/GBP cross is attempting gains above 0.79 handle after the official data released today revised Eurozone core inflation higher.
Weak stocks support EUR
The pair clocked a session high of 0.7911 before falling back to near 0.79 handle. The common currency has an edge over British Pound amid broad based USD selling on account of a drop in the European equities.
Consequently, the cross was sitting around 0.79 handle ahead of the CPI data release. Eurozone core inflation for February was revised higher to 0.8% y/y from the flash estimate of 0.7% y/y. Thus cross attempted further gains but was rejected at 0.7911 levels.
EUR/GBP Technical Levels
The immediate hurdle is seen at 0.7928 (Feb 25 high), above which the cross could target 0.80-0.8006 (Dec 16, 2014 high). On the other hand, a break below 0.79 would expose 0.7850 (daily low).
Weak stocks support EUR
The pair clocked a session high of 0.7911 before falling back to near 0.79 handle. The common currency has an edge over British Pound amid broad based USD selling on account of a drop in the European equities.
Consequently, the cross was sitting around 0.79 handle ahead of the CPI data release. Eurozone core inflation for February was revised higher to 0.8% y/y from the flash estimate of 0.7% y/y. Thus cross attempted further gains but was rejected at 0.7911 levels.
EUR/GBP Technical Levels
The immediate hurdle is seen at 0.7928 (Feb 25 high), above which the cross could target 0.80-0.8006 (Dec 16, 2014 high). On the other hand, a break below 0.79 would expose 0.7850 (daily low).