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EUR/GBP jumps to resistance at 0.8464/66 after CPI in UK

FXstreet.com (Barcelona) - Overnight weakness was met with a recovery movement for the EUR/GBP that effectively transpired during the European session and continued on the heels of a recent tranche of economic data Tuesday.

At the time of writing, the pair has now moved markedly higher to 0.8464/66, establishing fresh European maximums and achieving a gain of +0.24% off its opening. The Mataf.net analyst team postulates the next means of resistance at 0.8466, followed by 0.8483, and ultimately 0.8496. Should the pair erase its gains, a movement below 0.8436 will initiate short-term supports for the EUR/GBP at 0.8423, and 0.8406.

According to the Technical Analyst Team at ICN.com, “The EUR/GBP failed to maintain a directional bias, moving within a tight sideways range, below the key horizontal resistance at 0.8500 and above the key ascending support shown on image. Accordingly, we remain on the sidelines awaiting a breakout of this range.”

In the United Kingdom, the Consumer Price Index (YoY and MoM) has climbed +2.4% in April (against expectations of +2.6%) and +0.2% in April (vs. a projection of +0.4%) respectively. In addition, the Core Consumer Price Index (YoY) yielded a figure of +2.0% in April, relative to a consensus of +2.3%.

UK: Apr Core Consumer Price Index (YoY) at 2% vs 2.4% in Mar

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