FxWirePro: EUR/GBP slips below 200-DMA, downside accentuates on upbeat UK services PMI

• EUR/GBP downside accentuates on upbeat UK services PMI, slips below 200-DMA.
   
• Pound buoyed following the release of better-than-expected UK services PMI which came in at 55.1 for June, beating expectations at 54.
   
• It was the strongest rate of expansion since Oct 2017 and added to the recent slew of positive UK economic data, underpinning the British Pound. 
   
• That said, persistent uncertainties over Brexit talks keeps pressure on, but technically, break below 200-DMA  has raised scope for further weakness.
   
• Technical indicators are turning bearish on intraday charts. Close below 200-DMA eyes next major support at 100-DMA at 0.8784.
   
• Violation at 100-DMA could see further weakness till major trendline support at 0.8750.
   
• On the flipside, retrace above 200-DMA could see some consolidation. Break above 38.2% Fib at 0.8882 could see resumption of upside.

Support levels - 0.88, 0.8784 (100-DMA), 0.8750 (trendline)

Resistance levels - 0.8819 (200-DMA), 0.8839 (5-DMA), 0.8882 (38.2% Fib)

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -24.8269 (Neutral), while Hourly GBP Spot Index was at 86.5367 (Bullish) at 1130 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.