Chart - Courtesy Trading View
Technical Analysis:
- EUR/GBP was trading 0.50% higher on the day at 0.8704 at around 07:15 GMT
- The pair has bounced off 200H MA support, outlook remains bullish
- GMMA indicator shows major and minor trend are strongly bullish
- Momentum is bullish, stochs and RSI are sharply higher. Volatility is high and rising
- Price has broken above 200-week MA, raising scope for further upside
Fundamental Overview:
Data released earlier on Monday showed UK economy is expanded by 0.2% against a contraction of 0.6% reported earlier, lower than the consensus of 0.5%.
UK Industrial Production slipped to 1.1% vs. expectation of 2% and compared to the prior release of 2.4%.
Further, the Manufacturing Production data fell to 1.1%, lower than the expectations at 1.7% and below the prior release of 1.7% and 1.3% on an annual basis.
Major Support Levels: 0.8698 (200-week MA), 0.8666 (5-DMA), 0.8642 (200H MA)
Major Resistance Levels: 0.8721 (2022 high), 0.8753 (Upper BB), 0.88
Summary: EUR/GBP is trading with a bullish bias. Break above 200-week MA has raised scope for further upside. Next major bull target lies at 0.88 mark.
