The EUR/GBP cross gains momentum above the mid-0.8500s during the early European session on Thursday. The cross currently trades near 0.8576, unchange
The latest data revealed on Thursday that German Industrial Production for July fell -2.1% YoY from a 1.5% drop in the previous month. On a monthly basis, the figure dropped 0.8% versus a 1.4% decline in June and below the expectation of a 0.5% drop. However, the Pound Sterling is weakened against the Euro as the Governor Andrew Bailey's dovish remark on Wednesday that the central bank is much closer to ending its hiking cycle.
From a technical perspective, EUR/GBP trades within a descending trend channel since the middle of June on the four-hour chart. That said, That said, the path of least resistance for the cross is to the upside as EUR/GBP holds above the 50- and 100-hour Exponential Moving Averages . The critical resistance level for the cross is seen at 0.8600, representing a psychological round mark and a high of August 28. The next barrier to watch is 0.8626 en route to a high of August 11 at 0.8670 and finally near a high of July 19 at 0.8700.
On the flip side, the initial support level is seen at 0.8563 . The next downside stop is located at 0.8540 . The additional downside filter is located at 0.8524 . The key contention will emerge at 0.8500, portraying a lower limit of a descending trend channel and a psychological figure. It’s worth noting that the Relative Strength Index and Moving Average Convergence/Divergence stand in bullish territory, supporting the buyers for now.
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