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The Pound Sterling gains strength as UK inflation data remains high, indicating further action by the Bank of England. Technical analysis indicates a bearish tilt for EUR/GBP after breaking past the July 27 daily low of 0.8544. The pair’s immediate support lies at the YTD low of 0.8504, and a breach could expose the August 14, 2022, low of 0.8408.
On the upside, resistance is found at the August 15 high of 0.8593. The Bank of England must tighten policy further due to high UK inflation. The GBP is still strong, losing 0.17% on the day to 0.8530.
If above 0.8500, resistance will emerge at the August 15 high of 0.8593. If buyers push prices above this, the next resistance level is 0.8600, followed by the 50 and 100-day Exponential Moving Averages at 0.8605 and 0.8640.
