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EUR/GBP retreats back to the 0.8560 resistance

FXstreet.com (Barcelona) - The EUR/GBP has fallen hard off the 0.8598 handle after a failed attempt at the 0.8600 level during US trading.

In Germany, the Consumer Price Index (YoY) grew +1.5% in May, beating expectations of +1.3%. Moreover, the Consumer Price Index (MoM) has also climbed +0.5% in May, exceeding estimates of only +0.2%. Finally, the Harmonized Index of Consumer Prices (YoY) was reported at +1.7% in May, vs. projections of +1.4%.

“The EUR/GBP jumped towards our first target at 0.8600, where we continue to anticipate further upside targeting 0.8635 level. Holding above 0.8635 then 0.8600 keeps the short-term bullish bias favored.” notes the ICN.com Technical Analyst Team.

In these moments, the EUR/GBP is now operating at 0.8556/60, en route to a modest gain of +0.10%. The Mataf.net analyst team posits the resistive means for the EUR/GBP at 0.8563, onto 0.8572, and eventually 0.8583. Briefing some manner of a pullback, a break below the 0.8543 handle will activate support at 0.8532 and 0.8523.

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