FxWirePro: EUR/GBP rangebound ahead of EZ inflation data, momentum studies bearish

• EUR/GBP trades a tight range on the day, with day's highs at 0.7831 and lows at 0.7813.
   
• Single currency remains under pressure ahead of the Euro zone CPI data, with markets expecting the core figures to soften in March.
   
• Technical indicators favour downside in the pair, 0.7790 is major trendline support, break below will see drag upto 0.7728 (110 EMA).
   
• Upside finds major trendline resistance (currently at 0.7880). Multiple rejections evidenced at trendline.
   
• Break above 0.7880 can see next resistance at 0.7928 (bouble top Feb 26th and May 9th).
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Recommendation: Go short on break below 0.7790, SL: 0.7840, TP: 0.7735/0.77