FxWirePro: EUR/GBP closes bearish gap, stays firm ahead of German IFO data, bias lower

• EUR/GBP opened with a bearish gap down and hit fresh monthly lows at 0.7749.
   
• The pair has broken below strong trendline support at 0.7780 and price action has dipped into the cloud.
   
• The pair has closed the bearish gap and has edged higher as markets await German IFO data due later today.
   
• Consensus expectation is for a generalized albeit slight improvement during the current month. Any disappointment could drag the pair lower, tests of 0.7680 then likely.
   
• Immediate supports are located at 0.7735 (March 14th lows), 0.7683 (110 EMA) and 0.7645 (cloud base).
   
• On the upside, resistance is seen at 0.7795 (session high and trendline), 0.7826 (55-EMA) and 0.7842 (5-DMA).
   
• On the technical side, major moving averages are biased lower, momentum studies are bearish.
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Recommendation: Good to sell rallies around 0.7790/0.78, SL: 0.7850, TP: 0.7750/0.7735/0.77/0.7680