EUR/GBP snaps three-day uptrend while attacking intraday low. UK CPI expected to regain traction, expected to rise 0.5% YoY in December. Seven-week-old horizontal area, 10-day SMA guard immediate upside, bears need to break November low for confirmation. EUR/GBP remains depressed intraday low of 0.8891 while heading into London open on Wednesday. In doing so, the pair drops for the first time in four days. The move should be considered an early sign of the UK CPI data, up for publishing at 07:00 GMT. However, the virus woes and the Brexit worries offer further hardships to the sterling, which in turn suggests EUR/GBP strength. Read: When are the UK CPIs and how could they affect GBP/USD? Even so, a horizontal area including lows marked since December 01, around 0.8930, precedes 10-day SMA level of 0.8934 to challenge the quote’s immediate upside. In a case where the EUR/GBP buyers manage to cross 0.8935 hurdle, a confluence of 21-day SMA and a falling trend line from December 21, near 0.8978/80, will be a tough nut to crack for the bulls. On the flip side, the current bearish impulse may target the region comprising multiple lows marked since November 11 between 0.8860 and 0.8865. Overall, EUR/GBP bears technically have an upper hand but the fundamental challenges for the UK could trigger intermediate consolidation. EUR/GBP daily chart Trend: Bearish FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next EUR/USD now looks to 1.2080 – UOB FX Street 2 years EUR/GBP snaps three-day uptrend while attacking intraday low. UK CPI expected to regain traction, expected to rise 0.5% YoY in December. Seven-week-old horizontal area, 10-day SMA guard immediate upside, bears need to break November low for confirmation. EUR/GBP remains depressed intraday low of 0.8891 while heading into London open on Wednesday. In doing so, the pair drops for the first time in four days. The move should be considered an early sign of the UK CPI data, up for publishing at 07:00 GMT. However, the virus woes and the Brexit worries offer further hardships to the sterling, which in turn… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
