FxWirePro: EUR/GBP below 0.7700 handle, focus on German ZEW sentiment data
Weakness seen in the single currency ahead of German ZEW economic sentiment index. EUR/GBP slips below the 0.7700 handle, finds support near 0.7665-60 area. Break below would see further downside towards 0.76 levels. The…
Weakness seen in the single currency ahead of German ZEW economic sentiment index.
EUR/GBP slips below the 0.7700 handle, finds support near 0.7665-60 area. Break below would see further downside towards 0.76 levels.
The pair trades with a major bearish bias on the weekly and monthly charts, pullbacks should be looked as selling opportunities.
On the dailies the pair has broken below 5-DMA at 0.7702, but holds 38.2% Fib level support at 0.7683.
Weak German sentiment data could see slump in the pair. Support for remain vote in 'Brexit' coupled with improvement in the UK economic data, had been a supportive for the Pound.
Recommendation: Good to go short on break below 0.7683, target 0.7650/0.76/0.7550
