13 Jan 2015
EUR/GBP advances ahead of UK CPI
FXStreet (Mumbai) - The pound edged lower against the common currency in the European morning, reversing gains from the previous session before Britain’s inflation print.
The EUR/GBP pair now trades at 0.7818 levels, up 0.23% levels, having posted days’ low at 0.7798 levels earlier in the day. The EUR/GBP gained largely on sterling weakness as traders anticipate UK CPI figures to fall below 1% threshold, lowest since 2002. The cable slipped -0.32% at 1.5123 levels, while EUR/USD traded at 1.1819 levels, down -0.13% on the day, at time of writing.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7850 (Jan 5 High) and above which it could extend gains to at 0.7875 (Jan 6 High) levels. To the downside immediate support might be located at 0.7802 and below that at 0.7762 (Jan 1 Low) levels.
The EUR/GBP pair now trades at 0.7818 levels, up 0.23% levels, having posted days’ low at 0.7798 levels earlier in the day. The EUR/GBP gained largely on sterling weakness as traders anticipate UK CPI figures to fall below 1% threshold, lowest since 2002. The cable slipped -0.32% at 1.5123 levels, while EUR/USD traded at 1.1819 levels, down -0.13% on the day, at time of writing.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7850 (Jan 5 High) and above which it could extend gains to at 0.7875 (Jan 6 High) levels. To the downside immediate support might be located at 0.7802 and below that at 0.7762 (Jan 1 Low) levels.