FxWirePro: EUR/GBP Daily Outlook

Chart - Courtesy Trading View 

EUR/GBP spikes past 200-DMA, but later pares some gains to trade 0.40% higher on the day at 0.8459 at around 13:15 GMT.

GfK's consumer confidence index for Europe's powerhouse fell to -36.5 from a downwardly revised -30.9 in July.

Confidence among German households plunged to a new record low in September. Households looked to cut back on other spending as  energy crisis spiraled.

The income expectations sub-index reflects expectations about the development of household finances in the coming 12 months.

The additional business cycle expectations index reflects the assessment of those questioned of the general economic situation in the next 12 months.

The Gfk Institute warned that the situation could become even worse in coming weeks and months if there is not sufficient fuel, especially gas, to heat homes, pushing bills even higher.

Price action has edged above 200H MA. GMMA indicator has turned bullish on the intraday charts.

Next major resistance lies at 50-DMA at 0.8481, decisive break above will propel the pair higher.