- EUR/GBP rangebound in the European session, price action remains capped between 50 & 200 DMAs.
- Data released on Tuesday showed Euro area December quarter GDP was revised down from the flash estimate of 0.5 percent to 0.4 percent quarter-on-quarter.
- UK annual inflation picked up to its highest level in two and a half years, driven by rising fuel and food prices.
- Technical studies are inconclusive. Breakout on either side will provide clear directional bias.
Support levels - 0.8447 (200-DMA), 0.84, 0.8333 (Sept 6, 2016 low)
Resistance levels - 0.8493 (5-DMA), 0.8534 (50-DMA), 0.8548 (20-DMA)
TIME TREND INDEX OB/OS INDEX
1H Bearish Neutral
4H Bearish Neutral
1D Bearish Neutral
1W Bearish Neutral
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -56.6158(Slightly Bearish), while Hourly GBP Spot Index was at -30.4121 (Neutral) at 0820 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
