24 Mar 2015
EUR/GBP: Pound falls to fresh lows above 0.7360 on UK data
FXStreet (Mumbai) - The pound continues to get battered by the shared currencies during the European session, pushing the EUR/GBP cross to fresh monthly highs beyond 0.7360 levels, after UK inflation slowed below expectations in February.
EUR/GBP rises from 0.7345 levels
Currently, the EUR/GBP cross traded higher by 0.45% at 0.7353, hovering close to fresh one month highs of 0.7363 posted on data release. The cross in EUR/GBP accelerated gains largely on the back of a broad sterling weakness.
The pound weakened against the US dollar after the UK inflation decelerated more than expected in February as the annual Consumer Price Index (CPI) dropped to 0%. The core CPI inflation, excluding volatile prices of energy, food and alcohol, also slowed more than estimated to 1.2% - the lowest level since December 2008.
On the other hand, the euro remains boosted on all fronts after upbeat EMU and German manufacturing and services PMI readings.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7370 and above which it could extend gains to at 0.7400 levels. To the downside immediate support might be located at 0.7328 levels below that at 0.7300 levels.
EUR/GBP rises from 0.7345 levels
Currently, the EUR/GBP cross traded higher by 0.45% at 0.7353, hovering close to fresh one month highs of 0.7363 posted on data release. The cross in EUR/GBP accelerated gains largely on the back of a broad sterling weakness.
The pound weakened against the US dollar after the UK inflation decelerated more than expected in February as the annual Consumer Price Index (CPI) dropped to 0%. The core CPI inflation, excluding volatile prices of energy, food and alcohol, also slowed more than estimated to 1.2% - the lowest level since December 2008.
On the other hand, the euro remains boosted on all fronts after upbeat EMU and German manufacturing and services PMI readings.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7370 and above which it could extend gains to at 0.7400 levels. To the downside immediate support might be located at 0.7328 levels below that at 0.7300 levels.