EUR/GBP Slumps to Lows Near 0.7980

EUR/GBP Slumps to Lows Near 0.7980

12 April 2016, 11:39
Roberto Jacobs

EUR/GBP Slumps to Lows Near 0.7980

The now stronger tone around the sterling is dragging EUR/GBP to test session lows in the 0.7985/80 band.

EUR/GBP lower post-UK data

The European cross has gathered further downside pressure today following higher-than-expected CPI figures for the month of March, with headline consumer prices advancing 0.5% on a yearly basis.

In the meantime, the risk-on sentiment continues to prevail amongst traders, benefiting GBP in detriment of EUR and sending the cross to 5-day troughs.

EUR/GBP key levels

The European cross is now retreating 0.29% at 0.7986 and a breakdown of 0.7945 (20-day sma) would expose 0.7825 (low Mar.29) and then 0.7824 (55-day sma). On the flip side, the next up barrier lines up at 0.8119 (2016 high Apr.7) followed by 0.8349 (monthly high Feb.6 2014) and finally 0.8401 (2014 high Mar.18).

(Market News Provided by FXstreet)

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