EUR/GBP - call update

We had seen scope for falls in EUR/GBP in our earlier call (http://www.econotimes.com/FxWirePro-EUR-GBP-trades-a-narrow-range-awaits-UK-and-EU-PMI-data-170288).

• EUR/GBP has now slipped below 0.78 handle following mixed results from manufacturing PMIs in Euroland.
   
• German and EMU prints have surprised to the upside, while the Spanish, French and Italian readings have missed forecasts.
   
• UK Feb manufacturing PMI has come in on the weak side at 50.8 vs. 52.2 expected and January's 52.9. 
   

Recommendation: We see scope for test of 0.77 levels, good to sell rallies in the pair, SL: 0.7820, TP: 0.77