EUR/GBP: bears in control testing ascending support

Currently, EUR/GBP is trading at 0.8596, down -0.16% on the day, having posted a daily high at 0.8630 and low at 0.8573.

Eurozone: GDP is growing in line with expectations - Rabobank

EUR/GBP has started to consolidate the downside in a bearish month for the cross that has been pressured with EUR/USD flows on the back of the Trump effect. Trump premium: How much is enough? - HSBC Sterling, ("GBP/USD still looks comfortable in a 1.20-1.30 range" - Kit Juckes, economist at Societe Generale) in its own right is more stable as well given the turn around in the UK economy in stark contrast to the bearishness surrounding the Brexit outcome of the EU referendum while attention now shifts to a prolebmatic euro zone once again with impending elections throughout key players of the EU including the Italian referendum this year, French, Dutch and German elections next year. EUR/USD on the verge of breaking below 1.0700 handle

EUR/GBP levels

Current price is 0.8597, testing the ascending support line, with resistance ahead at 0.8607 (Hourly 20 EMA), 0.8611 (Daily Open), 0.8624 (Daily 100 SMA), 0.8630 (Daily High) and 0.8630 (Daily Classic PP). Next support to the downside can be found at 0.8591 (Monthly Low), 0.8591 (Weekly Low), 0.8573 (Daily Low), 0.8569 (Yesterday's Low) and 0.8550 (Daily Classic S1).