- EUR/GBP trades a narrow range as we head into the European session.
- Weekly charts have a bearish bias, we see scope for further downside.
- Upside finds stiff resistance at 0.8789 (5-DMA), bullishness only above 23.6% Fib at 0.8814.
- The pair finds major support at 0.8655 levels which is cloud top and major trendline support.
- Break below could see drag upto 50-DMA at 0.8763, violation there could see 0.86 (38.2% Fib).
- FxWirePro's Currency Strength Index at 0626 GMT stood as follows: EUR: -10.1164, GBP: +107.372
- UK construction output and German inflation data in focus for further impetus.
Recommendation: Good to sell break below 0.8655, SL: 0.8765, TP: 0.8615/ 0.86/ 0.8565/ 0.85
