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).
Recommendation: Go short on break below 0.7790, SL: 0.7840, TP: 0.7735/0.77