EUR/GBP strong support by 20-DMA at 0.8545, short break below

FX:EURGBP   Euro / British Pound
184 0 10
EUR/GBP             trades in a narrow range ahead of German GDP data, holds above 20-DMA             support at 0.8545.

The single currency remains under pressure following poor Eurozone consumer confidence data.

Eurozone consumer confidence for Aug decreased by -0.6 points to -8.5, indicating that Europeans have lost quite some confidence this summer.

Euro             bears currently take a breather, EUR/GBP             0.11 pct higher on the day after 2 consecutive sessions of losses.

Nothing of relevance from the UK docket today. Market focus now on the German final GDP report due ahead in the European session.

Expectations are for German GDP to have remained unchanged q/q and y/y at 0.4 percent and 3.1 percent respectively.

Miss on expectations could weigh on the pair, break below 20-DMA             at 0.8545 could see a drag upto 0.8435 (rising trendline ).

Good to short break below 0.8545, target 0.8490/ 0.8435. Bearish invalidation above 10-DMA at 0.8623
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