The EUR/GBP pair was offered as it broke below 0.79 handle and now trades just a few pips away from 0.7850 (50% of 0.8769-0.6931).
Eyes German CPI data
The common currency has taken a beating and so have other safe haven assets and funding currencies on account of a rally in the European equities. The sell-off in the EUR/GBP has also been partly due to the ongoing technical correction in Cable.
The EUR traders now await the preliminary German CPI reading for February. Later in the day, the US GDP and personal spending report could affect overall market sentiment.
EUR/GBP Technical level
The pair currently trades around 0.7858. The immediate hurdle is seen at 0.7897 (Feb 11 high), above which the cross could re-test 0.7928 (previous day’s high). On the other hand, a drop below 5-DMA at 0.7845 (Feb 17 high) would open doors for a slide to 0.78 handle.
(Market News Provided by FXstreet)
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