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Forex pairs in this Article » EUR/GBP (Barcelona) - The EUR/GBP was in a miserable bear market trend until the bottom that was made on 12/2 at 0.8251. The bounce that has occurred since then appears to be just that – a bounce. How much more upside is left, though?

EUR/GBP traders will be eyeing German data and British leadership speaking

EUR/GBP traders will be reacting to German inflation data and a speech by British Monetary Policy Committee member Dr. Martin Weale during the European session. Other than that, technicals will be the main driver of the trading in EUR/GBP Wednesday.

Technical outlook for EUR/GBP

Technicians say the EUR/GBP cross hit a ceiling at 0.8390 in the last week and has been churning below that level since. There certainly could be more upside in this corrective bounce – perhaps up to 0.8462. However, they also note that ST resistance could hold at 0.8390 and that a new move lower could commence at any point. Downside targets / support come in at Tuesday’s low of 0.8349 and the 11/21 close at 0.8316.
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