EUR/GBP Price Analysis: Appreciates toward 0.8400 following weaker UK GDP data

• EUR/GBP could find primary resistance around the psychological level of 0.8400.
• The currency cross is testing nine-day EMA support, suggesting a potential weakening of short-term price momentum.
• UK Gross Domestic Product declined by 0.1% following a 0.4% increase in December.

EUR/GBP gains ground after registering losses in the previous two sessions, trading around 0.8380 during the early European hours. The currency cross appreciates following the United Kingdom’s (UK) Gross Domestic Product (GDP) released on Friday.

The Office for National Statistics (ONS) reported that the UK economy shrank in January, with Gross Domestic Product (GDP) declining by 0.1% following a 0.4% increase in December. Markets had anticipated a 0.1% expansion for the period.