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FxWirePro: EUR/GBP falters at channel top, poised for more weakness

Chart - Courtesy Trading View 

EUR/GBP was trading muted at 0.8416 at around 10:35 GMT, down from session highs at 0.8440. 

The pair has failed at channel top resistance and has retraced below 200-DMA.

Price action hovers near cloud top and 110-EMA support at 0.8409, break below will drag the pair lower.

Eurozone Preliminary Inflation surges 7.5% YoY in March, much higher than the previous reading of 5.9% and beating forecasts at 6.6%.

Euro downside cushioned after remarks from Kremlin spokesperson who said on Friday that Russia will not turn off gas supplies to Europe from April 1.

Support levels - 0.8409 (110-EMA), 0.8385 (21-EMA)

Resistance levels - 0.8435 (5-DMA), 0.8465 (200-DMA)

Summary: EUR/GBP pivotal at daily cloud and 110-EMA support, break below will drag the pair lower. 
 

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