FxWirePro: EUR/GBP pivotal at 200-DMA support, pound keeps gains after upbeat UK inflation data

EUR/GBP chart - Trading View 

EUR/GBP was trading 0.12% lower on the day at 0.8940 at around 10:20 GMT, extending previous session's weakness.

The British pound keeps gains after UK annualized inflation beats estimates in October.

Data released by the UK Office for National Statistics (ONS) on Wednesday showed UK Consumer Prices Index (CPI) 12-month rate came in at +0.7% in October, compared to +0.5% in September, beating expectations of a +0.6% print.

On a monthly basis however, UK consumer prices arrived at 0% in Sept, also bettering the -0.1% expected and compared to +0.4% prior.

The core inflation gauge arrived at +1.5% YoY last month versus +1.3% booked in September while meeting the consensus forecast of +1.3%.

Technical analysis for the pair shows bearish bias. Major and minor trend are strongly bearish and Stochs and RSI are sharply lower.

Price action is holding strong support at 200-DMA at 0.8936. Break below will open downside in the pair.

5-DMA is immediate resistance at 0.8963. Bearish invalidation only above 55-EMA at 0.9024.