FXStreet (Mumbai) – The EUR/GBP cross stays below hourly 200-MA located at 0.7630 even though the preliminary German CPI was slightly upbeat.
Supported by hourly 50-MA
The cross found bids around the hourly 50-MA at 0.7604 earlier today, but the recovery was cut short around the hourly 200-MA resistance. The data released in Germany showed the harmonized CPI fell 0.9% m/m in January as opposed to the expected drop of 1%.
However, the data failed to push the pair above its hourly 200-MA. The FX traders now await US data – durable goods orders, weekly jobless claims and housing figures.
EUR/GBP Technical Levels
The immediate support is seen at 0.7596 (hourly 100-MA), under which the cross would expose 0.7573 (23.6% of 0.6981-0.7755). On the other hand, a break above 0.7630 (hourly 200-MA) could see the pair test 0.7666 (previous day’s high).
(Market News Provided by FXstreet)