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EUR/GBP has been impulsive with the recent bullish gains which lead the price to reside at the edge of channel resistance below 0.90 resistance area. Though the bullish pressure was quite impulsive it has left certain traces in the process which does indicate certain bearish intervention to be observed in the coming days.
GBP has been struggling earlier this week with the worse economic reports which lead the currency to lose certain grounds in the process. Today GBP CPI report is going to be published which is expected to increase to 2.6% from the previous value of 2.4%, PPI Input is expected to decrease to 0.3% from the previous value of 2.8%, RPI is expected to increase to 3.5% from the previous value of 3.3%, Core CPI is expected to be unchanged at 2.1%, HPI is expected to slight decrease to 3.8% from 3.9% and PPI Output is also expected to decrease to 0.3% from the previous value of 0.4%.
On the other hand, today the EUR Final CPI report is going to be published which is expected to be unchanged at 2.0% and Final Core CPI is expected to be unchanged at 1.0%.
As of the current scenario, the forecasts of GBP are quite dovish whereas EUR is indecisive. Though EUR has been gaining momentum recently but any positive outcome of the GBP report may lead to certain gain on the GBP side in the coming days. As of the current market formation and scenario, which is more likely to happen.
Now let us look at the technical view. The trend is still bullish in this pair which was confirmed after breaking above 0.8850 area with a daily close. As the price is currently rejecting off the channel resistance, it is expected to push lower towards 0.8850 again before showing further bullish momentum with a target towards 0.90 resistance area in the future. As the price remains above the 0.8850 area with a daily close, the bullish bias is expected to continue.
NEAR TERM RESISTANCE: 0.90
NEAR TERM SUPPORT: 0.8850
BIAS: BULLISH
MOMENTUM: RETRACE EXPECTED BEFORE PUSHING HIGHER
