FxWirePro: EUR/GBP breaks major 50-DMA resistance, bias higher

• EUR/GBP has broken major resistance by 50-DMA at 0.8534 on Thursday's trade.
   
• The major had been capped between 20 & 200 day MAs.
   
• Data released on Tuesday showed Euro area December quarter GDP was revised down from the flash estimate of 0.5 percent to 0.4 percent quarter-on-quarter.
   
• UK annual inflation picked up to its highest level in two and a half years, driven by rising fuel and food prices.
   
• Technical studies still remain inconclusive. MACD is on verge of a bullish crossover.
   

Support levels - 0.8502 (5-DMA), 0.8454 (200-DMA), 0.84, 0.8333 (Sept 6, 2016 low)

Resistance levels - 0.8545 (23.6% Fib), 0.86, 0.8651 (50% Fib) 

TIME  TREND INDEX  OB/OS INDEX    

1H          Neutral               Neutral       
4H          Bullish                Neutral       
1D          Neutral               Neutral        
1W         Neutral               Neutral    

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 82.0445(Bullish), while Hourly GBP Spot Index was at -52.3528 (Bearish) at 0620 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.