The EUR/GBP has decreased a little , but looks a little undecided on the short term, has fallen as the Cable was stronger today also versus the greenback, not only against the European currency. The price could decrease further in the coming days after a false breakout, we still need a fresh new trading signal because right now we don’t have a trading opportunity.

The rate has decreased even if the Euro-zone economic data have come in mixed, however United Kingdom data have come in mixed as well.

The Euro remains soft versus the Pound, has failed to redeem ground even if we have very good figures from the Euro-zone, the CPI Flash Estimate rose by 1.1%, eceeding the 1.0% estimate, while the Core CPI Flash Estimate has increased by 0.9%, beating the 0.8% forecast. Moreover the Italian Prelim CPI has increased by 0.4%, more versus the 0.3% estimate, has increased again after the  0.1% drop in the previous reading period.

We had also other positive data for the Euro such as the Spanish Unemployment Change, the Final Services PMI, or the German Final Services PMI, but the European currency wasn’t impressed at all.

The price has changed little, has increased and has climbed above the yesterday’s high, but wasn’t able to stay there, we may have an extended sideways movement in the coming period, personally I’ve expected to see a larger rebound after the failure to drop below the confluence area formed at the intersection between the 76.4% retracement level with the median line (ML) of the major ascending pitchfork, the perspective remains somehow bullsih as long as the price is located above the median line (ML), the first major upside target is at the upper median line (UML) of the ascending pitchfork.

Only a drop below the median line (ML) and below the 76.4% retracement level will open the door for a broader decrease, so the perspective remains bullsih till then, maybe the price needs right now a consolidation to recapture more directional energy before will increase further.