FxWirePro: EUR/GBP hovers around 200-DMA, decisive break above required for upside continuation

Chart - Courtesy Trading View 

EUR/GBP was trading 0.39% higher on the day at 0.8451 at around 14:10 GMT.

The pair is hovering around 200-DMA and decisive break above will fuel further gains.

Volatility is high and momentum is with the bulls. MACD and ADX support gains in the pair.

Preliminary data release from the Destatis earlier on Thursday showed German HICP rose at a YoY pace of 7.8% in April, above expectations for an unchanged reading of 7.6%.

On MoM basis HICP in April was up 0.7%, also above expectations at 0.4%, but below March's 2.5% jump. 

German CPI came in at 7.4% in April, beating expectations at 7.2% and compared to 7.3% in March. 

On MoM basis, the CPI rose 0.8%, above expectations for a 0.6% rise, and compared to a MoM pace of 2.5% in March. 

The single currency buoyed on upbeat German data. While on the other side, pound remains depressed amid concerns of a dovish BoE.