18 Aug 2015
EUR/GBP dips to lows near 0.7070 on solid UK CPI
FXStreet (Mumbai) - The shared currency was battered by the British pound in the mid-European session, knocking-off EUR/GBP to fresh session lows below 0.71 barrier, as the pound caught fresh bid wave boosted by impressive UK CPI figures.
EUR/GBP surrenders 0.71 handle
Currently, the EUR/GBP pair trades -0.51% lower at fresh session lows at 0.7071, having hit the upside barrier near 0.7120 levels pre-data release. The EUR/GBP cross gave away gains and nose-dived to session lows as the pound jolted higher following the release of UK’s inflation data which revealed that core CPI hit a five-month high.
The Consumer Price Index (CPI) from the British economy, jumped above expectations in July to 0.1%, while core inflation, a less volatile measure stripped of energy and food prices, soared above estimates to 1.2%, its highest rate in five months, figures from the Office for National Statistics (ONS) showed on Tuesday.
On the other hand, EUR/USD once again failed an attempt to 1.11 handle and fell back in to the red, adding to the downside in the EUR/GBP cross.
EUR/GBP Technical Levels
To the upside, the next resistance is located at 0.7117 (Today’s High) levels and above which it could extend gains 0.7159 (Aug 14 High) levels. To the downside immediate support might be located at 0.7061 (Aug 17 Low) below that at 0.7037 (Aug 11 Low).
EUR/GBP surrenders 0.71 handle
Currently, the EUR/GBP pair trades -0.51% lower at fresh session lows at 0.7071, having hit the upside barrier near 0.7120 levels pre-data release. The EUR/GBP cross gave away gains and nose-dived to session lows as the pound jolted higher following the release of UK’s inflation data which revealed that core CPI hit a five-month high.
The Consumer Price Index (CPI) from the British economy, jumped above expectations in July to 0.1%, while core inflation, a less volatile measure stripped of energy and food prices, soared above estimates to 1.2%, its highest rate in five months, figures from the Office for National Statistics (ONS) showed on Tuesday.
On the other hand, EUR/USD once again failed an attempt to 1.11 handle and fell back in to the red, adding to the downside in the EUR/GBP cross.
EUR/GBP Technical Levels
To the upside, the next resistance is located at 0.7117 (Today’s High) levels and above which it could extend gains 0.7159 (Aug 14 High) levels. To the downside immediate support might be located at 0.7061 (Aug 17 Low) below that at 0.7037 (Aug 11 Low).