FxWirePro: EUR/GBP breaks below 110-EMA, poised for further downside, 200-DMA in sight

Chart - Courtesy Trading View 

EUR/GBP was trading 0.16% lower on the day at 0.8609 at around 10:05 GMT, extends break below 110-EMA. 

The single currency brushes aside upbeat German IFO numbers, remains depressed amid poor Eurozone economic projections.

The headline German IFO Business Climate Index climbed to 86.3 in November versus the previous reading of 84.5 and the market consensus of 85.0.

Meanwhile, the Current Economic Assessment improved to 93.1 points in the reported month when compared to October's 84.2 and 93.8 expected.

The IFO Expectations Index – indicating firms’ projections for the next six months, rose to 80.0  in November from the last month’s 75.9 and against the estimates of 77.0.

On the other side, the British pound finds bids after BoE’s Ramsden in a scheduled appearance on Thursday, said "My bias is towards further tightening".

However, gains for the pound sterling appear to be limited on account of looming Brexit concerns and mixed UK PMIs released on Wednesday.

Technical bias for the pair has turned bearish after breach at 110-EMA. EUR/GBP edges lower towards 200-DMA support at 0.8528.