FxWirePro: Pound weakens ahead of UK GDP data, EUR/GBP tests 5-DMA at 0.8497

• Some weakness in the pound seen ahead of UK's second estimate GDP data due later in the European session today.
   
• EUR/GBP tests 5-DMA resistance at 0.8497, breakout above could see test of 0.86 levels.
   
• The pair has seen a breach of major trendline support at 0.8480, downside in the pair remains intact as long as 5-DMA resistance holds.
   
• Support levels - 0.84 (50% Fib), 0.8333 (Sept 6 low), 0.83, 0.8261 (July 15 low)
   
• Resistance levels - 0.8497 (5-DMA), 0.86 (38.2% Fib), 0.8704 (20-DMA)
   

Recommendation: Good to go short on rallies around 0.85, SL: 0.86, TP: 0.84/ 0.8330/ 0.83/ 0.8260
​

FxWirePro's Hourly EUR Spot Index was at 18.8417 (Neutral), while Hourly GBP Spot Index was at 72.0057 (Slightly bullish) at 0712 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex