EUR/GBP falls back to 0.74 levels

FXStreet (Mumbai) - The EUR/GBP pair rose to a high of 0.7424 post the release of the inflation data in the UK economy, although the gains were quickly erased as the data was pretty much in line with the expectations.

Pair back to 0.74 levels

The EUR/GBP pair fell back to 0.74 levels after the UK CPI data for January came-in line with the consensus estimates. The year-on-year UK CPI did hit a record low of 0.3%, although the weaker inflation may have been already priced-in by the markets ahead of the data release. Thus, the pair quickly erased gains to trade at 0.74 levels. Further move, shall depend on the nature of the Eurozone Zew survey index due for release in the few minutes.

EUR/GBP Technical Levels

The immediate resistance is seen at 0.7424 and 0.7453 levels. On the flip side, support is seen at 0.7390 and 0.7370 levels.