EUR/GBP Slumps to 0.86598 — Bears Dominate While 0.86750 Caps Any Bounce

EURGBP trades weak on board-based pound sterling buying. As long as resistance  0.86750 holds, intraday bias is bearish. Currently trading at 0.86598, it reached an intraday low of 0.86494.

Technical Analysis

The pair is currently trading below 55 and 200- EMA and 365-EMA on the 4-hour chart.

Bearish Trend Confirmation: Any break below 0.8640 confirms an intraday bearish trend. A drop to 0.8600/0.8540 is likely.

Near-Term Resistance:  The near -term resistance is around 0.8700. Any violation above will take the pair to 0.8750/ 0.8780/0.8825/0.8865/0.8900/0.8950.

Indicator Analysis (4-hour chart)

CCI (50): Bearish

Average Directional Movement Index:  Neutral

Trading Recommendation

It  is good to sell on rallies around 0.8698-70 with SL around 0.8750 for a TP of 0.86000.