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- GBP dented on lackluster UK fundamentals, with the UK CPI and jobs data leaving markets unimpressed.
- EUR/GBP extends narrow range trade, remains capped below 100-DMA at 0.8626.
- Momentum studies are bearish, RSI is at 32 and Stochs are in deep oversold territory.
- 0.8560-0.8566 is seen as major support zone, break below could see drag lower.
- On the flipside break above 100-DMA could see a resumption of upside.
- Focus now shifts towards the UK retail sales and eurozone inflation data due later in the European session.
FxWirePro's Hourly EUR Spot Index was at -13.6279 (Neutral), while Hourly GBP Spot Index was at -67.2047 (Neutral) at 0700 GMT.
For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
