Given higher odds of a "Remain" outcome in the EU Referendum (of 77%), GBP to remain buoyed near-term. Very strong retail sales data for April for the UK released on Thursday also to support the Pound.
The ECB meeting accounts revealed the Governing Council is strongly committed to revive inflation to the 2% target in the Eurozone.
EUR/GBP trades with a major bearish bias on the weekly and monthly charts.
On the dailies the pair has broken below 38.2% Fib level at 0.7683 and hit lows of 0.7648 on Thursday's trade.
The pair is currently staging a slight recovery, but remains below 38.2% Fib levels. Immediate resistance and support are now located at 0.7683 (38.2% Fib) and 0.7652 (Mar 10th lows).
Our previous call (http://www.econotimes.com/FxWirePro-EUR-GBP-downside-stalls-at-382-Fib-break-below-needed-for-further-downside-210124) has hit TP1.
Recommendation: Book partial profits, place stops at 0.7725, hold for further downside.