FxWirePro: EUR/GBP breaks strong trendline support at 0.7895, good to short rallies

• 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).
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Recommendation: Short rallies around 0.7840, SL: 0.79, TP: 0.78/0.7785/0.7775