25 Mar 2014
EUR/GBP is sold on UK CPI data
FXStreet (Moscow) - EUR/GBP made an attempt to come closer to 0.84, but failed, and slid to 0.8374 low on UK CPI data.
Back to lows!
The pair at first showed the surprising resilience – despite the worse than expected German IFO data, it still tried to reach new session highs, though failed. The just released CPI data from the UK met the expectations of the slowing price pressure rising only 1.7% against 1.9% yoy previously. The BOE now has all the reasons to leave everything as it is for a prolonged period of time, with no tightening in 2014 looming. Nevertheless, the market priced in even worse numbers, and the CPI meeting expectations helped to support the pound rally on the sigh of relief. The initial target to the downside is at 0.8357.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8374 with support below at 0.8357, 0.8325 and 0.8308, with resistance above at 0.8406, 0.8423, and 0.8455. Hourly Moving Averages are bullish, with the 200SMA at 0.8365 and the daily 20EMA bullish at 0.8326. Hourly RSI is neutral at 64.
Back to lows!
The pair at first showed the surprising resilience – despite the worse than expected German IFO data, it still tried to reach new session highs, though failed. The just released CPI data from the UK met the expectations of the slowing price pressure rising only 1.7% against 1.9% yoy previously. The BOE now has all the reasons to leave everything as it is for a prolonged period of time, with no tightening in 2014 looming. Nevertheless, the market priced in even worse numbers, and the CPI meeting expectations helped to support the pound rally on the sigh of relief. The initial target to the downside is at 0.8357.
What are today’s key EUR/GBP levels?
Today's central pivot point can be found at 0.8374 with support below at 0.8357, 0.8325 and 0.8308, with resistance above at 0.8406, 0.8423, and 0.8455. Hourly Moving Averages are bullish, with the 200SMA at 0.8365 and the daily 20EMA bullish at 0.8326. Hourly RSI is neutral at 64.