FxWirePro: EUR/GBP extends weakness after recovery falters at 21-EMA
EUR/GBP chart - Trading View
EUR/GBP was trading 0.17% lower on the day at 0.8637 at around 12:00 GMT, outlook is bearish.
The pair is extending weakness for the 3rd straight session after recovery was rejected at 21-EMA.
Dismal eurozone inflation data released earlier today adds to the bearish pressure on the single currency, dragging the pair lower.
Preliminary reading of Eurozone annual CPI came in at 0.9% in February, missing expectations of 1% and unchanged from the previous month.
The core figures rose by 1.1%% YoY during the said period inline with 1.1% expectations and compared to 1.4% registered in January.
EUR/GBP trades with a bearish bias. GMMA indicator shows major and minor trend are strongly bearish.
Price action has failed to hold break above 200H MA and retraced below. Volatility is rising and momentum is bearish.
Scope for dip till 110 month EMA at 0.8466. Bearish invalidation only above 21-EMA.