The single currency has eased some pips after the German data, with EUR/GBP hovering over the 0.7880 region.
EUR/GBP bounces off 0.7850
The European cross paid little attention to the flash German CPI figures for the current month, showing consumer prices coming in flat vs. forecasts for 0.2% gain. The broader HICP measure has also disappointed markets, with prices up 0.4% YoY vs. 0.6% expected.
In the meantime, the cross has left session highs above the 0.7900 handle, although sellers could not push further south of the 0.7850 area so far.
EUR/GBP key levels
The European cross is now retreating 0.16% at 0.7882 and a breach of 0.7758 (20-day sma) would aim for 0.7715 (2-month uptrend) and finally 0.7523 (low Feb.3). On the flip side, the next up barrier aligns at 0.7977 (high Dec.1 2014) followed by 0.8007 (high Dec.16 2014) and then 0.8041 (high Nov.27 2014).
(Market News Provided by FXstreet)