FxWirePro: EUR/GBP rangebound, focus on UK court decision on Brexit

• EUR/GBP trades a narrow range, with day's high at 0.8599 and low at 0.8581.
   
• The pair has slipped below and hovers close to major trendline support at 0.86.
   
• Markets await United Kingdom's supreme court decision on Brexit due at 0930GMT today.
   
• UK's Supreme Court is due to announce a ruling regarding the government's ability to bypass parliament and initiate the Brexit by triggering Article 50.
   
• The decision is expected to have a major impact on the GBP markets.
   
• Markets expect the lawmakers will refuse hard Brexit and ask PM May to adopt a soft Brexit.
   
• Break below 50-DMA at 0.8523 could see drag till 200-DMA support at 0.8396.
   
• On the flipside, breakout above major trendline at 0.86 could see 0.87 and then 0.8760 levels.
   
• Technically, we see major long-term trend intact as long as the pair holds 200-DMA at 0.8396.
   

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 19.2138(Neutral), while Hourly GBP Spot Index was at 127.306 (Highly bullish) at 0610 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.