EUR/GBP chart - Trading View
EUR/GBP was trading 0.22% lower on the day at 0.8545 at around 11:40 GMT, outlook bearish.
After extending sideways grind below daily cloud resistance, the pair is set to resume weakness.
Data released earlier today showed German Industrial Production added to the April’s pullback and contracted 0.3% MoM in May.
Today's data was largely in line with Tuesday’s loss of momentum in the Economic Sentiment in both Germany and the broader Euroland.
That said, the European Commission in its latest quarterly economic projections, raised Eurozone growth and inflation estimates for this year, but the single currency was little impressed.
Technical outlook for the pair remains bearish. Stochs and RSI show bearish momentum. Price action is extending weakness for the 2nd straight week.
Scope for test of trendline support at 0.85. Breach below will open downside. Next major bear target lies at 88.6% Fib at 0.8415.
