After four days of impulsive bullish price action in EUR/GBP, currently the bears are said to show some of their strength. Today EUR had some important economic news, like Spanish Unemployment Change with positive outcome at -9.4K which was expected to be 5.2K, CPI Flash Estimate which was also positive at 2.0% which was expected to be 1.8% and Core CPI Flash Estimate was unchanged at 0.9%. On the other hand, GBP Construction PMI report was published at 52.5 which was expected to be 52.2. There was not much difference in the outcome. Despite the positive outcomes of EUR today, GBP is said to gain some strength against EUR. Currently the market is in mid-range of 0.8420 to 0.8640 and any break above or below the levels will provide directional bias in this pair.
Now let us look at the technical view, currently the market is ranging between the support and resistance of 0.8420 and 0.8640. After massive bullish pressure for last four days, currently the bears are observed to be attacking the bulls. The directional bias is currently neutral and the market is said to be in total bullish bias if the price breaks above the 0.8640 resistance level with a daily close which will open the target towards next resistance at 0.8850.
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