13 Jan 2015
EUR/GBP jumps to fresh daily highs after disappointing UK CPI print
FXStreet (Mumbai) - The pound edged slipped against the common currency in the mid-European session, after the UK consumer price inflation slowed to a record low in December driven down by cheaper energy and food.
The EUR/GBP pair now trades at 0.7828 levels, up 0.35% levels; having posted fresh days’ high at 0.7830 levels immediately post the data release. The pound dropped versus the single currency after Britain’s price pressures decelerated to 0.5% in December – the lowest ever recorded and down from 1% a month before.
UK Inflation now stands more than one percent below the official target of 2%.
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 0.7828 levels, up 0.35% levels; having posted fresh days’ high at 0.7830 levels immediately post the data release. The pound dropped versus the single currency after Britain’s price pressures decelerated to 0.5% in December – the lowest ever recorded and down from 1% a month before.
UK Inflation now stands more than one percent below the official target of 2%.
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.