EUR/GBP bears in control below 200d sma on EU political concerns ahead of key data this week

Currently, EUR/GBP is trading at 0.8479, down -0.47% on the day, having posted a daily high at 0.8523 and low at 0.8476.

Weekend news: Greece back in the spot-light, Jean-Claude Juncker concerned for EU

EUR/GBP is under pressure on the back of sterling strength and looming risks in EU politics that include not only the Greek debacle rearing its ugly head, but that timed with the forthcoming elections coupled with the risks of a global movement towards populism that could threaten the existence of the euro and the eurozone project. Brexit developments are moving a great deal smoother than the critics expected and the UK economy has been exceeding expectations as well. 

GBP a top performer of late, but why? - Scotiabank

Data wise for the week ahead, we have UK CPIS and UK GDP Q4. "There are some downside risks to the initial eurozone’s initial Q4 GDP estimate of 0.5% after the disappointing German industrial output figures," explained analysts at Brown Brothers Harriman, "Little appreciated, especially given the divergence of monetary policy, the US and eurozone growth in 2016 may have been the same at 1.6%...Eurozone growth is a little above trend."

EUR/GBP levels

EUR/GBP has eroded the base of the cloud and the 200-day SMA at 0.8567. Bears are fixated on 0.8304 as the December low due to the failures at the top of the cloud at 0.8677 and imoku 2 at 0.8660 (key resistances ahead of the 0.88 handle and this year's highs). 0.8209 on the wide is the 14th July low.