• Pound among top performers supported by UK CPI numbers.
  • EUR/GBP extends slide, start looking at 0.8300.

EUR/GBP broke to the downside and fell to 0.8312, reaching the lowest level since February 2020. It remains near the low, under pressure, looking at the 0.8300 area on the back of a stronger pound.

Data from UK boost GBP

Earlier on Wednesday, CPI data from the United Kingdom came in above expectations, with the annual rate reaching 5.4%, above the 5.1% of the previous month and also surpassing the 5.2% expected. The numbers helped anchor expectations about another rate hike from the Bank of England.

WIRP now suggests that another hike February 3 is fully priced in, followed by hikes at every other meeting that would take the policy rate to 1.25% by year-end. Furthermore, the market now sees 40% odds of a fifth hike this year to 1.50”, said analysts at Brown Brothers Harriman.

Another week, another slide?

The cross is falling for the sevenths consecutive week. The following key level stands at 0.8300, and below, attention would turn to 0.8270/75 (2019 and 2020 lows). On the upside, the key resistance is seen at 0.8380. If the euro recovers above it would alleviate the bearish pressure.

Technical levels


Today last price 0.8318
Today Daily Change -0.0009
Today Daily Change % -0.11
Today daily open 0.8327
Daily SMA20 0.8381
Daily SMA50 0.8447
Daily SMA100 0.8485
Daily SMA200 0.8537
Previous Daily High 0.8379
Previous Daily Low 0.8327
Previous Weekly High 0.8363
Previous Weekly Low 0.8324
Previous Monthly High 0.86
Previous Monthly Low 0.8368
Daily Fibonacci 38.2% 0.8347
Daily Fibonacci 61.8% 0.8359
Daily Pivot Point S1 0.831
Daily Pivot Point S2 0.8292
Daily Pivot Point S3 0.8257
Daily Pivot Point R1 0.8362
Daily Pivot Point R2 0.8397
Daily Pivot Point R3 0.8414



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