16 Jan 2015
EUR/GBP unmoved, as Euro zone sinks into deflation
FXStreet (Mumbai) - EUR/GBP traded steady after the EMU CPI data confirmed that the Euro zone officially sank into deflation in December.
The EUR/GBP pair now trades at 0.7646 levels, down -0.16% having retreated from days’ low at 0.7633 posted before the data. However, EUR/GBP remained in red as price pressures in the euro zone turned negative for the first time since 2009 in December. The consumer price index (CPI) in the 19-nation bloc fell -0.2% on an annual basis in December last year, much lower than the 0.3% hike seen in November. On a monthly basis, the prices gave up 0.1%, less than the 0.2% fall recorded in November.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7673 (Today’s High) and above which it could extend gains to at 0.7720 (5-DMA) levels. To the downside immediate support might be located at 0.7606 and below that at 0.7580 levels.
The EUR/GBP pair now trades at 0.7646 levels, down -0.16% having retreated from days’ low at 0.7633 posted before the data. However, EUR/GBP remained in red as price pressures in the euro zone turned negative for the first time since 2009 in December. The consumer price index (CPI) in the 19-nation bloc fell -0.2% on an annual basis in December last year, much lower than the 0.3% hike seen in November. On a monthly basis, the prices gave up 0.1%, less than the 0.2% fall recorded in November.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7673 (Today’s High) and above which it could extend gains to at 0.7720 (5-DMA) levels. To the downside immediate support might be located at 0.7606 and below that at 0.7580 levels.