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  • The EUR/GBP advances during the North American session, up some 0.18%.
  • Eurozone inflation rose more than expected, breaking the 5% threshold.
  • EUR/GBP Technical outlook: Bearish biased as long as it remains below 0.8500.

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.

Eurozone HICP Flash for December rises above the 5% threshold

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%.

EUR/GBP Price Forecast: Technical outlook

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.

EUR/GBP

Overview
Today last price 0.836
Today Daily Change 0.0015
Today Daily Change % 0.18
Today daily open 0.8345
 
Trends
Daily SMA20 0.8449
Daily SMA50 0.8474
Daily SMA100 0.8503
Daily SMA200 0.8547
 
Levels
Previous Daily High 0.8372
Previous Daily Low 0.8342
Previous Weekly High 0.8455
Previous Weekly Low 0.8368
Previous Monthly High 0.86
Previous Monthly Low 0.8368
Daily Fibonacci 38.2% 0.8354
Daily Fibonacci 61.8% 0.8361
Daily Pivot Point S1 0.8334
Daily Pivot Point S2 0.8323
Daily Pivot Point S3 0.8304
Daily Pivot Point R1 0.8364
Daily Pivot Point R2 0.8383
Daily Pivot Point R3 0.8394

 

 

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