The EUR/GBP has increased significantly  and has jumped much above the 0.8762 yesterday’s high and now is pressuring an important dynamic resistance, remains to see if will have enough energy to take out this upside obstacle. The Euro has increased significantly also versus the greenback, not only versus the Pound, could increase further even if the Euro-zone data have come in mixed today. The rate is somehow expected to increase further because is located above some important support levels, actually was rejected by two important support levels, so the current rebound is understandable.

The Euro-zone Industrial Production rose by 1.5% in November 2016 and has beaten the 0.5% estimate, has increased significantly versus the 0.1% growth from October and has managed to help the European currency to climb much higher. Moreover the Italian Industrial Production surged by 0.7% in November, exceeding the 0.2% forecast, the production has continued to increase after the 0.1% growth from October, while the French Final CPI rose by 0.3% in December, matching expectations, actually has remained steady at 0.3% growth, on the other hand the Pound wasn’t supported by the UK’s data because we didn’t have any significant report.

The price has increased after a minor retreat and could try again to break above the upper median line (UML) of the major ascending pitchfork, maybe this time will have a valid breakout . The current bullish movement was expected to happen after the failure to close below the median line (ML) of the ascending pitchfork, I’ve said that perspective remains bullish as long as the price will stay above the median line (ML) and above the 76.4% retracement level, so the price could increase further on the short term and could approach the 100% Fibonacci level, we can think at a larger rebound only if the price will have enough energy to jump and to stabilize above the 100% and above the upper median line (UML) of the ascending pitchfork. We can have a buying opportunity if the rate will jump above the mentioned resistance levels and if will come to test the confluence area formed at the intersection between the 100% level with UML.