FxWirePro: EUR/GBP edges lower from session high of 0.7972, UK inflation report in focus

EUR/GBP edges lower from session high of 0.7972, bias remains higher.
Technicals support upside, Stochs RSI and MACD are biased higher, price action tags on upper Bollinger Band which is seen expanding.
61.8% Fib at 0.7906 is now major support on the downside, we see weakness only on break below 0.7875 (trendline resistance turned support).
All eyes now remain on the much-awaited UK inflation report, which is due to be published at 8.30GMT.
A better CPI print could rescue the GBP bulls, however, reaction could be more like a knee-jerk one amid dominant Brexit theme this week.
Contrarily, a weaker-than-expected headline and core CPI print will add to the sustained weakness in GBP, EUR/GBP could spike to 0.80 levels.
Euro-zone industrial production and employment details might provide some tradable moves during European trading session.
We had advised a long in the pair (http://www.econotimes.com/FxWirePro-EUR-GBP-extends-gains-above-079-handle-good-to-go-long-on-dips-220798).
TP1&2 have been achieved, book partial profits, recommend holding for upside.

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