The shared currency rises for the third day in a row against the British pound, on higher than expected Eurozone inflation figures. The EUR/GBP is trading at 0.8361 during the North American session at press time.
On Friday, during the overnight session for North American traders, the Eurozone economic docket featured inflation figures. The HICP Flash for December on an annual basis rose by 5.0%, higher than the 4.7% estimated by analysts. The jump in the figure is attributed to high energy prices, rising 26%, compared to 2021. However, increases for food, services, and imported goods were also above the European Central Bank’s target of 2%.
The EUR/GBP portrays its inability to break under the YTD low at 0.8335 two times, one in Friday’s session. Nevertheless, the daily moving averages (DMAs) position 90-pips above the spot price, confirming the downward bias in the pair.
The EUR/GBP first resistance would be a resistance trendline drawn from January 5 highs, which confluences near the R1 daily pivot point around the 0.8366-72 region. A breach of that area would expose the 200-hour SMA at 0.8380, followed by the R2 daily pivot at 0.8386.
On the other hand, EUR/GBP’s first support level would be the 100-hour SMA at 0.8356, once broken would expose the 50-hour SMA at 0.8350, followed by the S1 daily pivot at 0.8334.
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