Source: Forex Analysis
EUR/GBP has been trading inside the corrective range of 0.8750 to 0.9030 for a while now. Both currencies in the pair has been quite indecisive with mixed economic reports recently that have led to further correction and consolidation in this pair. Today, the ECB Economic Bulletin was published that did not encourage further EUR gains over GBP. On the other hand, today the UK High Street Lending report was published with a decreased figure of 39.5k from the previous figure of 40.4k that was expected to be at 40.6k. The price is currently very volatile and indecisive due to downbeat economic reports published today in the eurozone and the UK. Moreover, due to less liquidity in the market, the momentum is very slow and steady. As for the current scenario, a definite trend cannot be predicted now but EUR is expected to have an upper hand over GBP as upcoming economic reports and events are expected to be hawkish in the coming days.
Now let us look at the technical chart. The price is currently consolidating above the dynamic level of 20 EMA after the recent false break below the support level of 0.8750. Currently the price is expected to push higher with a target towards 0.9030 resistance area. As the price remains above 0.8750 price level, the bullish bias is expected to continue further.
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