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EUR/GBP ignores German CPI

FXStreet (Mumbai) - The EUR/GBP cross turned a blind eye towards the German CPI and trades above the 5-DMA located at 0.7224.

Hovers around hourly 100-MA

A 25-pip recovery in the cross from the Asian session low of 0.7204 stalled at the hourly 100-MA. The German CPI was confirmed in line with the preliminary estimate and hence the EUR traders ignored the data.

The Euroland economic calendar is empty ahead, hence, the pair could continue to track the movement in the European equities. Across the pond, the US advance retail sales will be released later today.

EUR/GBP Technical Levels

The immediate resistance is seen at 0.7236 (Dec 4 high), above which the gains could be extended to 0.7261 (previous day’s high). On the other hand, a break below 0.7224 (5-DMA) would expose 100-DMA at 0.7205 and 0.7198 (200-DMA).

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