Chart - Courtesy Trading View
EUR/GBP was trading 0.06% higher on the day at 0.8582 at around 10:45 GMT. The pair has erased early gains, slipping lower from session highs at 0.8623.
Major trend in the pair remains bullish, but long upper wicks on the daily candles suggest selling pressure at highs.
Mixed inflation numbers and the Bank of England’s failures to impress GBP bulls cushions downside in the pair.
Data released on Wednesday showed UK’s Consumer Price Index (CPI) matched 9.1% YoY forecasts versus 9.0% prior.
However, the Core CPI dropped to 5.9%, below 6.0% market consensus and 6.2% previous readouts.
Upside in the pair has found rejection at 200-week MA. Back-to-back Doji formations suggest market indecision to take prices higher.
21-EMA at 0.8547 is major support. Break below will see some downside in the pair. Bullish invalidation only below 200-DMA.
