EUR/GBP chart - Trading View
EUR/GBP retreated further from session highs at 0.8896 and was trading 0.13% lower on the day at 0.8876 at around 11:00 GMT.
The single currency remained under pressure after disappointing German IFO survey results.
The headline German IFO Business Climate Index fell sharply to 90.1 in January, missing estimates of 91.8 by a big margin and compared to last month's 92.2.
Meanwhile, the Current Economic Assessment printed at 89.2 points as compared to last month's 91.3 and 90.6 anticipated.
The IFO Expectations Index eased to 91.1 in January from the previous month’s 93.0 reading and worse than the market expectations of 93.2.
The pair trades with a bearish bias. Price action has failed to extend above 200H MA. Further, 'Death Cross' confirmed on the daily charts is likely to keep downside pressure.
The pair finds strong support at 200W MA at 0.8832. Break below to plummet prices. Dip till 61.8% Fib at 0.8743 and then 0.8670 likely.
