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FxWirePro: EUR/GBP bounces off channel base, euro shrugs off drop in Sentix Investor Confidence amid upbeat EZ retail sales
EUR/GBP chart - Trading View
EUR/GBP was trading 0.51% higher on the day at 0.9045 at around 11:45 GMT, bias higher.
The single currency extends gains across the board, shrugs off drop in Sentix Investor Confidence amid upbeat EZ retail sales.
Investors Confidence in the euro bloc tracked by the Sentix Index improved to -18.2, although still navigates the negative territory.
Earlier, Retail Sales in the region expanded more than expected and German Factory Orders showed a stark rebound in May, although the reading came in below consensus.
The pair has bounced off strong support at 21-EMA and channel base, scope for further upside.
Price action is above major moving averages and major trend as evidenced by the GMMA is bullish.
The pair extends gains in 'Rising Channel' pattern. Breakout above daily cloud will buoy prices higher.
Next bull target lies at 61.8% Fib at 0.9187. Breach at channel base support negates bullish bias.
Support levels - 0.90 (21-EMA), 0.8933 (55-EMA)
Resistance levels - 0.9121 (Upper BB), 0.9187 (61.8% Fib)