EUR/GBP - when inflation won’t help

By FXstreet.com | July 17, 2014 AAA

FXStreet (Moscow) - EUR/GBP spent the European morning testing 0.79 resistance, and hardly moved right after the EMU CPI release.



The CPI is out



The pair had hard time recovering back above 0.79, although morning pound weakness made the right environment for that. The market waited for catalysts, and the only report of interest for the European session was the EMU CPI numbers. The data came out at 0.1% m/m, 0.5% y/y as expected. The market didn’t react to the news meeting the forecasts. Now the focus turns to the American session, where series of housing data is scheduled for release.



What are today’s key EUR/GBP levels?



Today's central pivot point can be found at 0.7901, with support below at 0.7880, 0.7869 and 0.7848 with resistance above at 0.7912, 0.7933, and 0.7944. Hourly Moving Averages are bearish, with the 200SMA at 0.7939 and the daily 20EMA bearish at 0.7967. Hourly RSI is bearish at 30.



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