EUR/GBP flirting with lows near 0.92 handle post-German Ifo

The EUR/GBP cross held weaker for the second consecutive session and held near the lower end of the daily trading range, around the 0.9200 handle following the release of German Ifo survey report.

The spot maintained its offered tone through early European session and failed to attract any fresh buying interest despite of surprisingly positive headline German Ifo business climate, coming-in at 115.9 points for August. 

Meanwhile, the current economic assessment dipped to 124.6 points but to some extent seems to have been negated by the Expectations Index, which bettered expectations at 107.9 points for the reported period.

Today's slightly better than expected German data did little to lend any immediate support to the shared currency, which was already trading weaker in wake of some repositioning trade ahead of the keenly awaited speech by the ECB President Mario Draghi at the very important Jackson Hole Symposium.

   •  EUR/GBP: Time for a pause – Deutsche Bank

Technical levels to watch

On a sustained break below the 0.9200 handle, the cross is likely to accelerate the profit taking slide towards the 0.9175-70 region en-route 0.9135-35 support area. On the upside, the 0.9235-40 region now seems to have emerged as an immediate strong hurdle, above which the cross is likely to aim towards retesting Oct. 2016 swing highs resistance near 0.9260-65 zone ahead of the 0.9300 handle.