EUR/GBP chart - Trading View
EUR/GBP was trading largely rangebound on the day with session high at 0.8683 and low at 0.0.8665.
The pair was extending gains for the previous 3 session and was consolidating break above 55-EMA.
Data released earlier today showed Industrial Production in Germany rebounded sharply in February, suggesting that the recovery in the manufacturing sector may have regained traction.
German industrial output stood at 3.6% MoM, beating expectations at 2.4% and compared to a-3.5% fall last month.
On an annualized basis, the German industrial production plunged by -6.4% in February versus a -4.0% drop recorded in January.
The technical analysis remains in favor of the bulls. Eurozone Industrial Production data awaited for further impetus.
Price action has re-entered daily cloud and is on track to test 21W-EMA at 0.8755 ahead of 110-EMA at 0.8764.
