EUR/GBP drops to 0.8030
The EUR/GBP has been held in tight consolidation Thursday, trading between a tightened range of 25 pips (0.8022 intraday minimum, 0.8047 intraday maximum). Amidst this seemingly sideways movement one day removed from a fresh downgrade of Spain, the pair has settled in the region of 0.8030 on the heels of economic data in the Eurozone, principally Spain in recent moments.
The cross is now entrenched in negative territory this morning during European trading, vastly underperforming both its 50 and 100-hourly SMA (down -15 pips and -27 pips respectively). Furthermore, at the time of writing the pair is incurring a loss of -0.18% on the day.
In Spain, the Consumer Price Index (YoY) grew only +3.4% in the month of September, missing consensus expectations of +3.5%. Conversely, the Consumer Price Index (MoM) advanced only +1.0% in September, against an expected rise of +1.1%. Finally the HCIP (YoY) yielded a result of +3.5% in September, which was precisely in line with expectations.
From a technical perspective, Mataf.net analysts highlight the additional propensity of supports at 0.8013, the 0.7999, and finally 0.7974. On the ascension, a break above 0.8052 will initiate added resistive means at 0.8077 and 0.8091