EUR/GBP is currently residing within a corrective range between 0.8750 to 0.9030 which is expected to show bullish momentum in the coming days. EUR has been quite positive with the economic reports recently but due to German issues, the gains were not quite impulsive against GBP whereas GBP is also being challenged by the Brexit and political issues. Recently GBP economic reports were quite mixed whereas EUR had better than expected results which lead the currency to gain well. Today EUR German Ifo Business Climate Report is going to be published which is expected to have slight decrease to 116.6 from the previous figure of 116.7. If the economic report gets published with better than expected result then further bullish momentum is expected to push the price higher in the coming days. On the GBP side, today High Street Lending report is going to be published which is expected to decrease to 40.9k from the previous figure of 41.6k. As of the current scenario, EUR is expected to gain further against GBP which is more probable as of the UK is suffering from the issues which are expected to sustain further.
Now let us look at the technical view, the price is currently residing above the dynamic level of 20 EMA by proceeding with lower highs along the way which does signal the upcoming bullish move is quite imminent. Though the price is still residing within the corrective range, within the range, a bullish move is expected to proceed with target towards 0.9030 range resistance area. As the price remains above the recent higher low which is at 0.8850 area the bullish bias is expected to continue in the range.
