FxWirePro: EUR/GBP upside gains momentum post UK construction PMI miss, good to go long

 

• Offered tone on the GBP keeps growing bigger after UK construction PMI misses forecasts.
   
• UK construction PMI for January came in at 55.0, compared to forecasts for a slight decrease to 57.5 from 57.8 in the previous month.
   
• Renewed risk-off wave seen across markets as the European equities dive deeper in the red also weighs.
   
• EUR/GBP faces strong resistance at 0.7620, break above can take the pair to 0.7660 and then 0.77 levels.
   
• Support on the downside lies at 0.7605 (5-DMA) and then at 0.7525 (Jan 22 lows).
   

Recommendation: Watchout for break above 0.7620 to go long, SL: 0.7540, TP: 0.7660/0.77