30 Jan 2015
EUR/GBP rejected at 10-DMA
FXStreet (Mumbai) - The EUR/GBP> fell into losses after having failed to sustain gains above the 10-DMA located at 0.7516 levels.
EUR weakens ahead of CPI data
The losses were mainly driven by expectations of a weak Eurozone CPI reading. The preliminary CPI is expected to show prices declined 0.5% in January, down from a 0.3% contraction seen in December. Hence, the EUR/USD pair declined to 1.1314 from near 1.135 levels.
Meanwhile the GBP/USD pair trades largely unchanged at 1.5068 despite a weaker-than-expected consumer credit data. Consequently, the EUR/GBP cross was pushed lower to trade 0.7503 levels; down 0.09% for the day.
EUR/GBP Technical Levels
The immediate support is seen at 0.7481 (5-DMA), under which the pair could test 0.7443 levels. Meanwhile, resistance is seen at 0.7516 (10-DMA) and 0.7528 levels.
EUR weakens ahead of CPI data
The losses were mainly driven by expectations of a weak Eurozone CPI reading. The preliminary CPI is expected to show prices declined 0.5% in January, down from a 0.3% contraction seen in December. Hence, the EUR/USD pair declined to 1.1314 from near 1.135 levels.
Meanwhile the GBP/USD pair trades largely unchanged at 1.5068 despite a weaker-than-expected consumer credit data. Consequently, the EUR/GBP cross was pushed lower to trade 0.7503 levels; down 0.09% for the day.
EUR/GBP Technical Levels
The immediate support is seen at 0.7481 (5-DMA), under which the pair could test 0.7443 levels. Meanwhile, resistance is seen at 0.7516 (10-DMA) and 0.7528 levels.