FXStreet (Mumbai) – The Euro paid little attention to the upward revision of the Eurozone November annualised CPI figure, leaving the EUR/GBP cross unaffected around 0.7278 (38.2% of 0.6931-0.7493).
Markets await Fed decision
The FX markets await the Fed decision and hence are paying little attention to other data releases. The Eurozone annualised November CPI was revised higher to 0.2% from the previous figure of 0.1%. The core figure was left unchanged at 0.9%. However, the data could not trigger any reaction in the markets.
The liquidity could dry out further and the FX markets could see erratic moves as we move closer to the FOMC rate decision.
EUR/GBP Technical Levels
The immediate support is seen at 0.7240 (50% of 0.7240-0.6981), under which the losses could be extended to 0.7212 (50% of 0.6931-0.7493). On the other hand, a break above 0.73 handle would open doors for a rally to 0.7333 (Oct 7 low).
(Market News Provided by FXstreet)