EUR/GBP chart - Trading View
EUR/GBP was trading 0.04% lower on the day at 0.8703 at around 05:40 GMT, markets await key UK inflation data for further direction.
UK Consumer Price Index (CPI) for January month is due later on Wednesday at 07:00 GMT. Headline CPI inflation is expected to ease from 0.6% prior to 0.5% on an annual basis.
Core CPI (excluding volatile food and energy items) is forecasted to print at 1.3% YoY versus 1.4% in the previous readouts.
Coronavirus (COVID-19) vaccine optimism keeps sterling buyers hopeful. Should UK inflation figures match forecasts, the pound is likely to remain depressed. Upbeat data could send the pair lower.
Technical bias as indicated in the 'Daily Trend Analysis' is strongly bearish. Upticks could be used to enter short positions. Bearish invalidation only on retrace above 200W MA.
