Unless the UK CPI data misses estimates by a wide margin and/or Brexit fears spike, there is very little reason for EUR/GBP pair to turn higher from here.
The right shoulder is progressing well and appears on track to test the neckline level around 0.7750 in couple of days or may be even today if the UK CPI beats estimates and US CPI misses estimates. Such a combo would work well for GBP/USD than EUR/USD, thus leading to a drop in EUR/GBP.
A negative closing today would also end up in a bearish crossover between 21-day EMA and 55-day EMA.
The right shoulder is progressing well and appears on track to test the neckline level around 0.7750 in couple of days or may be even today if the UK CPI beats estimates and US CPI misses estimates. Such a combo would work well for GBP/USD than EUR/USD, thus leading to a drop in EUR/GBP.
A negative closing today would also end up in a bearish crossover between 21-day EMA and 55-day EMA.
