FxWirePro: EUR/GBP consolidates 'Symmetric Triangle' breach, focus on UK July Manufacturing PMI for impetus

EUR/GBP chart - Trading View 

EUR/GBP was trading in tight range as we head into the European session, with session high at 0.90 and low at 0.8982.

Traders focus on UK’s second reading for July month Manufacturing PMI for further impetus.

Manufacturing PMI is expected to confirm 53.6 initial forecasts. Traders remain wary ahead of the BOE.

The pair was consolidating break below 'Symmetric Triangle' and hovers near cloud top which is offering strong support at 0.8994.

Stochs and RSI are sharply lower and bearish MACD line crossover on signal line adds to the bearish bias. 

Weakness seen on intraday charts. Break into daily cloud will drag the pair lower. Scope fro test of 50-DMA at 0.9009. Further weakness will see dip till 200-DMA at 0.8733.

Support levels - 0.8910 (110-EMA), 0.8733 (200-DMA)

Resistance levels - 0.9009 (50-DMA), 0.9043 (21-EMA)