EUR/GBP keeps the 0.7900 area in the wake of the release of flash inflation figures in the euro area.
EUR/GBP bid after data releases
The European cross keeps its daily gains near the 0.7900 after advanced inflation figures in the euro region have matched expectations for the current month, with headline CPI contracting 0.1% on a yearly basis and Core CPI gaining 1.0% over the last twelve months.
Previously, UK’s Q4 GDP showed the economy has expanded more than expected, albeit the Current Account deficit climbed to record highs.
EUR/GBP key levels
The European cross is now gaining 0.25% at 0.7905 facing the next resistance at 0.7947 (2016 high Mar.24) ahead of 0.8007 (monthly high Dec.16 2014) and finally 0.8041 (monthly high Nov.19 2014). On the other hand, a breakdown of 0.7826 (20-day sma) would expose 0.7758 (55-day sma) and then 0.7650 (post-ECB low Mar.10).
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