Global macro overview for 14/02/2017:
The Preliminary German GDP for the fourth quarter data were released this morning and they were slightly worse than expected. The market participants expected an increase of 0.5% for this quarter after 0.1% increase a quarter ago, but the GDP has increased only 0.4% in Q4. Nevertheless, the Europe's biggest economy posted moderately firmer fourth quarter growth and the current economic situation can be characterized by solid and steady growth.
Let's now take a look at the EUR/GBP technical picture at the H4 time frame. The market had bounced from the intraday support at the level of 0.8447 and now the bulls might push the price towards the golden trend line resistance. In order to do this, the intraday resistance at the level of 0.8550 must be violated first, otherwise the price will go back to the trading range.
