FxWirePro: EUR/GBP hovers around 76.8% Fib, bearish bias intact

EUR/GBP chart - Trading View 

EUR/GBP Spot Analysis:

- EUR/GBP was trading 0.13% lower on the day at around 10:50 GMT

- Previous Session High/Low: 0.8641/ 0.8560

- Previous Week High/Low: 0.8639/ 0.8533

Data Released:

- UK Retail Sales were up 2.1% month-on-month in February 

- UK Retail Sales were down -3.7% on the year, fell more than -3.5% expected

- German IFO Expectations Index jumped to 100.4 in March vs. 95.2 expected

- German IFO Business Climate Index came in at 96.6 in March, while Current Economic Assessment stood at 93.0

Technical Analysis:

- Major moving averages biased lower

- GMMA shows major and minor trend are bearish

- Recovery on the back of bullish divergence failed at 21-EMA

- Price action is below Ichimoku cloud and Chikou span is biased lower

- Momentum strongly bearish, 5-week MA caps upside

Summary: EUR/GBP is set to grind lower and bear grip on the pair remains intact. The single currency unimpressed by upbeat German Ifo data. Vaccine concerns to weigh on the pair. Price action hovers around 76.8% Fib with scope for test of 88.6% Fib at 0.8415.