EUR/GBP Falls From Key Resistance

Sterling rises higher as the UK’s core CPI accelerates to 1.1% YoY. The euro has met stiff selling pressure at 0.8720, a key resistance on the daily timeframe. Successive breakouts below 0.8670 then 0.8640 are a sign that sellers have taken control of the short-term direction.

The RSI has recovered into the neutrality area, leaving the price vulnerable at the end of the current consolidation. The support-turned-resistance 0.8670 may cap a rebound. A drop below 0.8590 could trigger a new round of sell-off.

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