EUR/GBP (week of 06-10/03)

Struggling to find upward momentum, Euro-Pound has shed 29 pips to currently trade at 0.8842 as it ranges between 0.882 and 0.8889 so far today.

Highly important Manufacturing Production data from United Kingdom beat analyst expectations of -0.1% with a reading of -0.4%.

On the flip side, data for United Kingdom GDP published today at 07:00 UTC came out at 0.3%, beating projections of 0.1% and showing improvement over the preceding figure of -0.5%.

Amid the market gloom, Germany Consumer Price Index came out at 8.7%, while a consensus of analysts was expecting 8.7%.

Following today's trading session, chart analysis suggests EUR/GBP broke through the 0.8862 support line and dropped 20 pips below it. Trend and momentum analysis indicates that Euro-Pound made an initial break below its 50 day Simple Moving Average at 0.884, a possible indication of a forthcoming negative trend. Euro-Pound bounced 24 pips away from Fibonacci support at 0.8817. Analysis based on the asset volatility indicates that Euro-Pound's lower Bollinger Band® is at 0.8771, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.

Overall, the technical outlook suggests Euro-Pound is likely to remain muted for the immediate future, with no clear-cut direction.

In the meantime, negative performances are seen in other pairs, after ending yesterday's session at 0.9325, USD/CHF lost 111 pips and is trading around 0.9213.

Positive performances can be seen by looking at other currencies as GBP/USD is up 0.92%. GBP/CAD leaps up 0.89% to trade around 1.6633.

Trading mostly sideways for a month. After setting a supportive marker at 0.7134 around 8 months ago, Euro-Pound is now trading 24.36% above this level.