- EUR/GBP is on track for a second consecutive week of declines. Pair has slipped below key trendline support at 0.7895.
- The European currency is now accelerating its decline, extending its offered tone sparked yesterday following President Draghi’s press conference, dragging EUR/GBP lower.
- Data released earlier today showed weak euro area PMIs which point to continuing modest growth.
- Technical indicators are biased lower, pair is likely to test cloud support at 0.7786.
- Immediate resistance is located at 0.7899, ahead of 0.79 and then 0.7935 (trendline).
Recommendation: Short rallies around 0.7840, SL: 0.79, TP: 0.78/0.7785/0.7775
