FxWirePro: EUR/GBP largely muted to weaker UK industrial output data, focus on Yellen’s testimony

EUR/GBP fades a spike to 0.7790, quickly reversing gains post downbeat UK industrial output data.

• UK's total industrial production in December dropped by 1.1%; it's lowest output level since September 2012, while the manufacturing production, also missed estimates, falling 0.2% m/m. 
   
• Markets already priced-in a weak print, focus now on Yellen's testimony due later in the NY session.
   
• Immediate resistance for the pair lies at 0.7850 (Feb 9th highs), while support on the downside lies at 0.7745 (5-DMA). 
   
• Further bullishness can be seen only on breaks above strong trendline resistance currently at 0.7860, tests of 0.79 and then 0.8040 levels likely.