EUR/GBP stuck at 38.2% of 2007 low-2008 high

EUR/GBP is once again having a tough time breaching the key hurdle of 0.8556 (38.2% of 2077 low - 2008 high) ahead of the German preliminary CPI data release.

Eyes German data

The German preliminary CPI figure is expected to show the cost of living ticked higher to 0.9% y/y from October’s print of 0.8% y/y.

Apart from the data, the traders would also keep an eye on the broader market sentiment. Oil-led risk-off could strengthen the bid tone around the EUR and vice versa.

EUR/GBP Technical Levels

The cross was last seen trading around 0.8645. A break above 0.8556 (38.2% of 2077 low - 2008 high) would open doors for 0.86 (zero figure), beyond which a major hurdle is seen at 0.8628 (100-DMA). On the lower side, breakdown of support at 0.8527 (10-DMA) could yield a drop to 0.85 (5-DMA). A violation there would expose 0.8460 (Nov 24 low).