EUR/GBP took a breather during yesterday's session after rising more than 2% since the beginning of March, Danske Bank's FX analysts Kristoffer Kjær Lomholt and Filip Andersson report. 

EUR/GBP to target 0.81 in 12 months

"While global developments remain at the front and centre for the cross, focus today returns to the release of domestic data. This morning, we get the monthly GDP figures for January where consensus expects GDP growth at 0.1% m/m, down from 0.4% in December." 

"While the growth outlook remains subdued at present, we expect both private and public consumption to boost growth the coming quarters. We remain modestly bearish on EUR/GBP, targeting the cross at 0.81 in 12M."