If the data disappoints in general, the technical signal may trigger a short-term reaction on EUR/GBP . With a regular ATR of about 50 pips, a switch from current levels down to the strong within a session or two is not out of the question.
Of course, if European business sentiment surprises us in a major way (unlikely given the German lockout extension), the technological setup would be invalidated.
If we see the support line holding tight, we can have a BUY opportunity in the 0.85534 zone.
*This is not financial advice. Do your own research before entering any trades.