18 Feb 2014
EUR/GBP extends gains after UK CPI
FXStreet (Córdoba) - The EUR/GBP spiked to fresh daily highs as the Sterling weakened on the back of inflation data.
The EUR/GBP that was already firm ahead of data, jumped to a fresh 6-day high of 0.8237 after softer than expected inflation data. UK consumer price index fell 0.6% in January versus -0.5% expected, while YoY CPI grew 1.9%, below forecast of 2.0%.
EUR/GBP technical levels
At time of writing, the EUR/GBP is trading at the 0.8235 area, recording a 0.4% gain on the day, with immediate resistances at 0.8250 (20-day SMA) and 0.8298/0.8300 (Feb 12 high/psychological level). On the flip side, supports are seen at 0.8189 (Feb 18 low), 0.8175 (Feb 14low) and 0.8156 (Feb 14 low).
The EUR/GBP that was already firm ahead of data, jumped to a fresh 6-day high of 0.8237 after softer than expected inflation data. UK consumer price index fell 0.6% in January versus -0.5% expected, while YoY CPI grew 1.9%, below forecast of 2.0%.
EUR/GBP technical levels
At time of writing, the EUR/GBP is trading at the 0.8235 area, recording a 0.4% gain on the day, with immediate resistances at 0.8250 (20-day SMA) and 0.8298/0.8300 (Feb 12 high/psychological level). On the flip side, supports are seen at 0.8189 (Feb 18 low), 0.8175 (Feb 14low) and 0.8156 (Feb 14 low).