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Chart - Courtesy Trading View
EUR/GBP was trading 0.25% lower on the day at 0.8792 at around 10:00 GMT. The pair has bounced off daily cloud support, break below to drag the pair lower.
The single currency gains traction amid a positive shift in the risk sentiment, as fears ebb over the Credit Suisse crisis.
Focus now remains on the European Central Bank (ECB) monetary policy decision for fresh trading direction.
The central bank is largely expected to hike interest rates by 50 bps. Focus will be on Lagarde’s press conference and updated projections.
On the data front, final inflation figures in Italy showed the headline CPI rose 9.1% in the year to February.
Support levels:
S1: 0.8769 (Converged 110-EMA and cloud base)
S2: 0.8679 (200-DMA)
Resistance levels:
R1: 0.8808 (5-DMA)
R2: 0.8818 (55-EMA)
Technical Summary: EUR/GBP finds strong support at 0.8770 level. The pair trades with a bearish bias. 5-DMA is sharply lower. Momentum is bearish and volatility is high. Break below cloud will see more weakness.
