24 Mar 2015
EUR/GBP consolidates near the session high
FXStreet (Mumbai) - The EUR/GBP pair consolidated near the session high as the markets had priced-in the upbeat Eurozone PMI data well in advance.
EUR/GBP: Awaits UK CPI
The pair is trading few pips below the session high of 0.7350. Markets now await the UK CPI data, which is likely to show inflation rebounded on the monthly basis. The markets have already priced-in the upbeat flash Eurozone reports. Thus, a further move in the pair depends entirely on the nature of the UK CPI report. A sharp rebound in the UK CPI could push the EUR/GBP pair back to its 50-DMA located at 0.7328.
EUR/GBP Technical Levels
The pair currently trades at 0.7345, up 0.34% for the day. The immediate resistance is seen at 0.7402 (Jan. 25th low), above which gains could be extended to 0.7440. On the flip side, a break below 0.7328 (50-DMA) could push the pair down to 0.7272.
EUR/GBP: Awaits UK CPI
The pair is trading few pips below the session high of 0.7350. Markets now await the UK CPI data, which is likely to show inflation rebounded on the monthly basis. The markets have already priced-in the upbeat flash Eurozone reports. Thus, a further move in the pair depends entirely on the nature of the UK CPI report. A sharp rebound in the UK CPI could push the EUR/GBP pair back to its 50-DMA located at 0.7328.
EUR/GBP Technical Levels
The pair currently trades at 0.7345, up 0.34% for the day. The immediate resistance is seen at 0.7402 (Jan. 25th low), above which gains could be extended to 0.7440. On the flip side, a break below 0.7328 (50-DMA) could push the pair down to 0.7272.