FXstreet.com (Barcelona) - Major currency pairs have experienced high volatility during European session trading time, with EUR/USD consolidating at two months low, GBP/USD pulling up from recent decline and USD/JPY giving back ground.

GBP/USD has been favoured by a better than expected UK CPI data, prices have not fallen as much as expected, triggering some risk appetite which has produced a rebound for the GBP, jumping more than 160 pips from the 1.4150 to the 1.4311 level in the hour after the release of the UK CPI Data, reversing partially afterwards to levels around 1.4270.

EUR/USD has also stopped its sharp decline at 1.2600 before a weak attempt to rise higher on better than expected German Economic sentiment index. EUR/USD spiked up to 1.2675 right after German data was released, but selling pressure has been too strong and the pair heads south again towards 1.2600.

USD/JPY rally from 91.65 came to an end at 92.75 to drop back, some 120 pips, reaching as low as 9155, at the moment the pair is attempting to set an intra-day bottom at 91.65.