- 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


FxWirePro- Major European Indices
FxWirePro: GBP/USD dips lower on negative UK retail sales data
FxWirePro: USD/JPY retreats as Japan signals possible FX intervention
FxWirePro: GBP/NZD attracts buying interest, 38.2% fib eyed
NZDJPY Bulls Charge Ahead: Buying the Dips Above 90 for a Shot at 92
USDCHF Triple Bottom at 0.7920 Under Threat: Bearish Signals Dominate – Sell Rallies Targeting 0.7865
FxWirePro: AUD/USD bulls struggle to hold on US CPI induced gains
FxWirePro: EUR/NZD uptrend loses steam but outlook still bullish
FxWirePro- Woodies Pivot(Major)
FxWirePro: USD/ZAR edges higher but bearish outlook persists
FxWirePro: GBP/NZD retreats slightly but trend is still bullish
BTCUSD Dips Post-BOJ Hike: No Swift Tightening Boosts Risk – Buy Around $87K Targeting $100K
FxWirePro: USD/CNY neutral in the near-term, scope for downward resumption
FxWirePro: USD/JPY firms as Japanese Yen weakens after BoJ rate hike
EURJPY Surges Post-BOJ Hike: Bullish Momentum Builds – Buy Dips Targeting 185
AUDJPY Bulls Stay in Control: Buy the Dips Above 103.80 Targeting 106 



