FxWirePro: EUR/GBP breaks major support at 0.7683 on poor German ZEW sentiment data
Weakness seen in the single currency as German business morale deteriorated in May, following two straight months of increases. The headline ZEW economic sentiment came in much weaker at 6.4 points in May as compared to …
Weakness seen in the single currency as German business morale deteriorated in May, following two straight months of increases.
The headline ZEW economic sentiment came in much weaker at 6.4 points in May as compared to April’s 11.2 points and way below markets’ expectations of a rise to 12.1.
The current situation sub-index, however, ticked higher to 53.1 in May, compared from April’s 47.7 and above forecast of 49.0 points.
EUR/GBP below the 0.7700 handle ahead of data, now breaks below 38.2% Fib level support at 0.7683.
The pair trades with a major bearish bias on the weekly and monthly charts, any pullbacks should be looked as selling opportunities.
Support for remain vote in 'Brexit referendum' coupled with improvement in the UK economic data, had been a supportive for the Pound.
