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EUR/GBP touches 0.8500

FXstreet.com (Córdoba) - The euro rose sharply versus the pound on Tuesday, as the British currency weakened broadly following lower-than-expected UK inflation data, which leaves room for further QE.

EUR/GBP climbed over 50 pips throughout the day and recently hit a 1-week high of 0.8500 before the 100-day SMA capped the rally. At time of writing, EUR/GBP is trading around 0.8495, where it is 0.6% above its opening price.

If the cross manages to break above 0.8500, next resistances could be found at 0.8515 (high My 16) and 0.8530 (high Apr 25). On the other hand, supports on dips are seen at 0.8440 (daily low) and 0.8420 (low May 16).

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