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0.7330 strong support EUR/GBP, weakness only on breaks below

FX:EURGBP   Euro / British Pound
149 0 4
Markets disappointed by below estimates Euro             zone CPI             figures, EUR bulls spooked by disappointing numbers.

Euro             zone Dec CPI             data came in at 0.2%, the same seen in Nov, but below Reuters forecasts for a 0.3% rise, core CPI             slips to 0.8% from 0.9% in the previous month.

EUR/GBP             slipped to hit daily lows near key support zone around 0.7330, but pared losses to trade at 0.7337.

10-DMA at 0.7356 is immediate resistance on the upside, while 0.7330 which is rising channel base is strong support on the downside.

Break below 0.7330 will find the pair by next support at 0.7320 (23.6% Fib of 0.69841 to 0.7346 rise) ahead of 0.7255 (38.2% Fib of 0.69841 to 0.7346 rise).

On the other side, if the pair manages to close above 5-DMA at 0.7361, retracements upto 0.7388 (Dec 30 highs) and then 0.74 levels likely.

Technicals point lower, we would go short EUR/GBP             on breaks below 0.7330, SL: 0.7370, TP: 0.7275/0.7255

However, close above 0.7362 invalidates bearish view.
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