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EUR/GBP is trading in the green at the moment of writing but it could turn to the downside again after retesting the weekly pivot point. The Pound could take the lead again soon as the currency remains strong.
The United Kingdom inflation data have come in line with expectations earlier. The CPI increased by 1.5% in April as expected beating 0.7% growth in March, while the Core CPI increased by 1.3% matching expectations. The UK HPI and PPI Input have come in better than expected, so the Pound could resume its appreciation.
EUR/GBP H4 Chart Technical Analysis!
EUR/GBP is traded at 0.8619 below the weekly pivot (0.8621) level. It has registered only false breakouts above the pivot point, so the pair could start decreasing again.
Another false breakout or rejection may signal that the bulls are exhausted and that the bears will take full control. Technically, EUR/GBP has found support below the lower median line (lml) of the ascending pitchfork.
A valid breakdown below the lower median line (lml) will really confirm a deeper decline. I believe that only a valid breakout above the weekly pivot (0.8621) could invalidate the bearish scenario.
Another false breakout above the weekly pivot followed by a new lower low, drop below 0.8609 could signal a potential drop below the lower median line (lml). Dropping and stabilizing under the lower median line may announce a strong sell-off.
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