FxWirePro: EUR/GBP extends sideways at 200-DMA resistance, focus on German/Eurozone GDP data for impetus

Chart - Courtesy Trading View 

Spot Analysis:

EUR/GBP was trading 0.08% lower on the day at 0.8418 at around 05:30 GMT 

Previous Week's High/ Low: 0.8414/ 0.8265

Previous Session's High/ Low: 0.8460/ 0.8382

Fundamental Overview:

Traders remains wary amid mixed sentiment relating to the Russia-Ukraine crisis, as well as China’s covid woes.

UK pushed back the Brexit border checks for the fourth time after the historical move, adding to the bearish bias in the pair.

Hawkish expectations from ECB policymakers compared to their BOE counterparts keeps downside cushioned.

Focus on Eurozone and Germany Q1 2022 GDP figures due to be released later in the EU session.

Technical Analysis:

- EUR/GBP struggles at 200-DMA resistance, decisive break above required for upside continuation

- Momentum is bullish and volatility is high

- Price action is above 200-DMA and GMMA indicator shows intraday trend has turned neutral

- ADX and MACD support upside in the pair. 5-DMA is sharply higher

Major Support and Resistance Levels:

Support - 0.8391 (110-EMA), Resistance - 0.8442 (200-DMA)

Summary: EUR/GBP pivotal at 200-DMA resistance. Watch for decisive break above for upside continuation.