FxWirePro: EUR/GBP retraces from highs near 0.8662, focus on UK GBP data

• EUR/GBP trades a narrow range, with day's highs at 0.8662 and lows at 0.8644.
   
• Technicals on daily charts do not point to a clear direction.
   
• Markets focus on UK GDP data due ahead in the European session for further impetus.
   
• The pair holds above daily cloud and 20-DMA is strong support at 0.8537.
   
• We see weakness only on break below 20-DMA, pair could then test trendline at 0.8350.
   
• Major support levels - 0.8640 (5-DMA), 0.8610 (trendline on hourlies) 0.8589 (Sept 28 low), 0.8559 (cloud top), 0.8537 (20-DMA)
   
• Major resistance levels - 0.8669 (Sept 29 high), 0.8693 (Sept 27 high), 0.87, 0.8716 (Sept 26 high) 
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Recommendation: Good to short break below 0.8610, SL: 0.8669, TP: 0.8560/ 0.8535/ 0.85