18 Aug 2015
EUR/GBP strikes fresh weekly lows at 0.7040
FXStreet (Mumbai) - The British pound continues to outperform the single currency during the European session, now pushing EUR/GBP to fresh one week lows on the 0.70 handle.
EUR/GBP falls further from 0.7070
Currently, the EUR/GBP pair trades -0.83% lower at 0.7048, having hit fresh one-week lows at 0.7040 in last hours. The EUR/GBP cross dives deeper in the red as the pound keeps heading northwards boosted by the latest CPI print from the UK.
Sterling jumped to the highest level since July 1 after the UK CPI figures came out better than expected, with annual core inflation hitting a five-month high, bringing back BOE rate hike expectations this year back on the table.
Moreover, a weaker EUR/USD around 1.1070 levels amid lack of fresh triggers also adds to ongoing weakness 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 0.7037 (Aug 11 Low).below that at 0.7000.
EUR/GBP falls further from 0.7070
Currently, the EUR/GBP pair trades -0.83% lower at 0.7048, having hit fresh one-week lows at 0.7040 in last hours. The EUR/GBP cross dives deeper in the red as the pound keeps heading northwards boosted by the latest CPI print from the UK.
Sterling jumped to the highest level since July 1 after the UK CPI figures came out better than expected, with annual core inflation hitting a five-month high, bringing back BOE rate hike expectations this year back on the table.
Moreover, a weaker EUR/USD around 1.1070 levels amid lack of fresh triggers also adds to ongoing weakness 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 0.7037 (Aug 11 Low).below that at 0.7000.