FxWirePro: EUR/GBP consolidates previous session's gains, comatose above 55-EMA

EUR/GBP chart - Trading View 

EUR/GBP was trading in a 14 pip narrow range as the pair consolidates previous session's gains.

The pair was trading largely unchanged at 0.8678 at around 07:45 GMT, after closing 0.46% higher in the previous session.

Data released earlier today showed UK retail sales came in at 5.4% month-on-month in March vs. 1.5% expected and 2.1% previous. 

The core retail sales, stripping the auto motor fuel sales, stood at 4.9% MoM vs 1.9% expected and 2.4% previous.          

On an annualized basis, the UK retail sales rebounded by 7.2% in March versus 3.5% expected and -3.6% prior while the core retail sales jumped by 7.9% versus 4.5% expectations and -1.0% previous.

Upbeat retails sales data failed to buoy the pound. The pair keeps range trade, stays comatose above 55-EMA.

Near-term bias has turned bullish. Price action has pierced into cloud and close above 55-EMA raises scope for upside.