EUR/GBP chart - Trading View
EUR/GBP was trading 0.49% lower on the day at 0.8809 at around 10:10 GMT, bias bearish.
The British pound was buoyed after upbeat UK Final Manufacturing PMI, weighing on the pair.
Data released by IHS Markit on Monday confirmed UK Final Manufacturing PMI at 54.1 in January, beating estimates at 52.9 and compared to 52.9 in the first readout.
Technical bias for the pair has turned bearish after breach of Falling Wedge pattern, scope for further downside.
Momentum indicators support downside. Analysis of GMMA indicator shows major and minor trend are strongly bearish.
Price action is showing a break below 200W MA at 0.8833. The pair is on track to test 61.8% Fib retracement at 0.8743.
200W MA is now immediate resistance at 0.8833. Failure to close below will negate any further bearish bias.
