• EUR/GBP has been oscillating within a narroe range between 0.7750-0.7800 region since the 25th April.
   
• Price action has been contained within the daily cloud and traders' indecision seen in the near-term. 
   
• Data released on Friday showed German retail sales for March fell 1.1% widely missing expectations for a growth of 0.4%.
   
• Muted reaction seen to poor German data. Pair remains below the 0.78 handle and bias is tilted towards the downside.
   
• However, clear break of range needed to confirm direction. We recommend remaining on the sidelines for now.
   
• Immediate support and resistance are seen at 0.77 (coud base) and 0.7820 (converged cloud top and 10-DMA) respectively.