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Forex: EUR/GBP rallies after UK inflation report

By FXstreet.com,  February 14, 2012, 04:56:00 AM EDT

FXstreet.com (Barcelona) - The inflation report dropped the consensus proportions, but despite an unexpected growth in the housing sector, retail prices figures got lower than analysts' expectations. CB Leading Indicator is still due.

Since yesterday's American session that the EUR/GBP is ranging between 0.8360 and 0.8380. Today's London session started from the support base and was gradually rising until the weak UK inflation data boosted the pair right to the top of the ranging gap, at 0.8380.

"EUR/GBP is pushing hard into 0.8400 resistance but remains below key short term resistance at 0.8420/25, the December high and the 23.6% retracement of the move down from July 2011", writes Karen Jones, analyst at the Commerzbank, pointing that area as key to confirm short term reversal.

"Near term support lies at 0.8330 ahead of 0.8260 (the 78.6% retracement), ahead of the 0.8221 January low", she adds. As of writing, the EUR/GBP is quoting at 0.8376.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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