FxWirePro: EUR/GBP pauses downside at trendline support, break below will drag the pair lower

Chart - Courtesy Trading View 

EUR/GBP was trading 0.22% lower on the day at 0.8369 at around 12:00 GMT, outlook remains bearish.

Weaker than expected German Retail sales data dent the single currency, dragging the pair lower.

Data released by Destatis showed on Monday, Germany's Retail Sales dropped by -1.6% MoM in June versus 0.2% expected and 0.6% last.

On an annualized basis, German Retail Sales came in at -8.8% in June versus -8.0% expected and -3.6% booked in May.

EUR/GBP has shown a decisive break below 200-DMA in the previous week's trade adding to the downside bias.

GMMA indicator shows major and minor trend are bearish. Momentum is bearish and volatility is high.

Support levels - 0.8349 (Lower BB), 0.83

Resistance levels - 0.8385 (5-DMA), 0.8451 (200H MA)

Summary: EUR/GBP is consolidating break below 200-DMA. Technical bias is bearish. Price action has paused at strong trendline support. Break below will drag the pair lower. Bearish invalidation above 200-DMA.