FxWirePro: EUR/GBP Daily Outlook

Chart - Courtesy Trading View 

The single currency held steady as bank fears recede, EUR/GBP trades 0.15% higher on the day at 0.8819 at around 11:25 GMT. 

ECB Economic Bulletin published on Thursday showed eurozone inflation is projected to remain too high for too long.

Inflation data from German states, the euro zone's largest economy is due later today at 1200 GMT.

Hawkish comments from ECB chief economist Philip Lane boosts euro. Lane emphasized that the central bank is likely to signal more rate hikes until inflation returns to 2% target.

On the United Kingdom front, investors await the release of the Q4 Gross Domestic Product (GDP), which will be announced on Friday. 

As per the consensus, UK’s growth has remained stagnant in the fourth quarter of 2022. Annual GDP is expected to remain steady at 0.4%.

Support levels - 0.8795 (5-DMA), 0.8772 (110-EMA)

Resistance levels - 0.8865 (March 23 high), 0.8911 (Upper BB)

Technical Summary: EUR/GBP has edged above 21-EMA, raising scope for further gains. RSI has edged above 50 and is biased higher. MACD shows bullish crossover on signal line. The pair is poised for gradual grind higher.