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​​EUR/GBP slips while GBP/USD rises post UK GDP with USD/CNH remaining side-lined

​​Outlook on EUR/GBP, GBP/USD and USD/CNH post UK GDP and plethora of China data.

USD/CNH Source: Bloomberg

​​​EUR/GBP slips to £0.86 region

​​EUR/GBP’s drop from its £0.8714 December high has taken it to Tuesday’s £0.8587 low which is back in sight following an improved month-on-month (MoM) UK gross domestic product (GDP) number which was negated by a drop of the three-month average, though.

​A fall through £0.8587 would put the 15 December low at £0.8572 on the map and perhaps also the December low at £0.855.

​Minor resistance sits at Monday’s £0.8621 high and Friday’s £0.8634 high.

EUR/GBP chart Source: IT-Finance.com
EUR/GBP chart Source: IT-Finance.com

​GBP/USD nears mid-December peak

​GBP/USD’s rise from its two-week low at $1.2611 is ongoing amid slightly better-than-expected MoM UK GDP data with the mid-December high at $1.2794 and the December five-month peak at $1.2828 representing upside targets.

​Upside pressure should remain in play while Wednesday’s low at $1.2687 underpins.

Above it, minor support can be found at Wednesday’s $1.2745 high and below it along the November-to-January uptrend line, 21 December and current January lows at $1.2666 to $1.2611.

GBP/USD chart Source: IT-Finance.com
GBP/USD chart Source: IT-Finance.com

​USD/CNH remains in a tight sideways trading range

​USD/CNH’s decline from its September CN¥7.3681 one-year high, amid a depreciating greenback, has so far taken the cross to an eight-month low at CN¥7.0875 before the cross recovered and started trading in a low volatility trading range along the 200-day simple moving average (SMA) at CN¥7.1782.

​China consumer prices falling for a third straight month while imports rose less than expected but exports growth beat forecasts as producer prices fell more than expected didn’t change the state of affairs on Friday.

​The 200-day SMA at CN¥7.1782 currently acts as resistance. While the next higher 55-day SMA and this week’s high at CN¥7.1897 to CN¥7.1905 cap, further sideways trading is at hand. ​Minor support below Thursday’s CN¥7.1617 low can be spotted at Monday’s CN¥7.1545 low.

USD/CNH chart Source: IT-Finance.com
USD/CNH chart Source: IT-Finance.com

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