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EUR/GBP drops while GBP/USD rallies as UK inflation slows less than expected, EUR/USD flat

EUR/GBP drops while GBP/USD rallies as UK inflation slows less than expected despite it dropping significantly to 2.3% YoY, EUR/USD flat

EUR Source: Getty Images
City Motion Forex Pound sterling Euro United States dollar EUR/USD
Written by: Axel Rudolph | Market Analyst, London
Publication date:

EUR/USD consolidates

EUR/USD consolidates further below last week's high at $1.0895, above which still beckons the March peak at $1.0981.

Upside pressure will remain in play while Friday's low at $1.0836 underpins. Further minor support can be seen along the breached downtrend line at $1.0818.

EUR/USD chart Source: TradingView.com
EUR/USD chart Source: TradingView.com

EUR/GBP slips further still

EUR/GBP is trading in two-month lows and is fast approaching the £0.8503-to-£0.8499 significant support zone which is likely to at least short-term hold.

Minor resistance is seen along the breached support line at £0.8538.

EUR/GBP chart Source: TradingView.com
EUR/GBP chart Source: TradingView.com

GBP/USD surges ahead

These past few days GBP/USD range traded in low volatility in two-month highs ahead of today’s higher-than-expected UK consumer price index (CPI) data which led to an acceleration higher towards the $1.29 region taking place.

Potential slips may find support around Friday's low at $1.2645.

GBP/USD chart Source: TradingView.com
GBP/USD chart Source: TradingView.com

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