FxWirePro: Cloud caps upside in EUR/GBP, good to go short on break below 20-DMA at 0.8891

• EUR/GBP extends decline after rejection at daily cloud, bias slightly bearish.
   
• The pair has slipped below 5-DMA 0.8938 and is trading a narrow range on the day.
   
• Focus remains on EZ consumer confidence, German October manufacturing PMI and ECB policy rate decision for further impetus.
   
• Technical studies have turned slightly bearish, RSI has fallen below 50 levels and Stochs are biased lower.
   
• 20-DMA at 0.8892 offers strong support, break below will accentuate weakness. Scope then for test of 200-DMA at 0.8748.
   
• On the flipside, we see upside only on break above daily cloud at 0.9025.

Recommendation: Watch out for break below 20-DMA to go short.

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 10.7931 (Neutral), while Hourly GBP Spot Index was at 48.1729 (Neutral) at 0940 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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