FxWirePro: EUR/GBP Daily Outlook

Chart - Courtesy Trading View 

Spot Analysis:

EUR/GBP was trading 0.24% higher on the day at 0.8639 at around 13:20 GMT.

Previous Week's High/ Low: 0.8643/ 0.8614

Previous Session's High/ Low: 145.00/ 140.76

Fundamental Overview:

Data released by Eurostat on Wednesday showed Euro area Q3 seasonally adjusted Gross Domestic Product (GDP) expanded at an annual rate of 2.3%, beating forecasts at 2.1% and followed a 4.2% prior.

Further, the Euro area Employment Change was up 1.8%on a yearly basis in the third quarter, slightly higher than the market expectation of 1.7%.

Germany's Industrial Output decreased by 0.1% MoM in October vs. -0.5% expected and 0.6% prior, the federal statistics authority Destatis reported on Wednesday.

On an annualized basis, German Industrial Production arrived at 0% in October versus 2.6% prior and 2.3% forecasted.

Technical Analysis:

- EUR/GBP has broken above 110-EMA resistance

- Price action is testing 21-EMA resistance at 0.8645

- The pair has snapped a 4-week bearish streak 

-  GMMA indicator has turned bearish on the intraday charts

Major Support and Resistance Levels:

Support - 0.8612 (200H MA), Resistance - 0.8661 (55-EMA)

Summary: EUR/GBP has edged above 110-EMA which was capping upside from the past few session. Watch out for close above for further upside.