EUR/GBP is sidelined with bearish bias

FXStreet (Moscow) - EUR/GBP is trading at 0.8091, down -0.03% on the day, having posted a daily high at 0.8100 and low at 0.8085.

EUR/GBP paused

The pair paused around 0.81 area, as UK GDP numbers failed to surprise to the upside, and PMI data out of Germany did confirm the largest European economy is in good shape. Nothing of interest left for Friday, except for German IFO data, and really strong data may be needed to trigger interesting volatility in the pair. The downside is limited around 0.8080 support level, while the upside is defended by 0.8100 resistance.

What price levels and patterns have to be considered?

Current price is 0.8092, with resistance ahead at 0.8094 (Weekly Classic S2), 0.8094 (Monthly Low), 0.8094 (Weekly Low), 0.8094 (Annual Low) and 0.8094 (YTD Low).

Next support to the downside can be found at 0.8085 (Daily Low), 0.8084 (Yesterday's Low), 0.8080 (Daily Classic S1), 0.8067 (Daily Classic S2) and 0.8061 (Weekly Classic S3).

Looking at price patterns, we can see a Piercing Line 1-hour candlestick formation, and a Hammer 4-hour formation.