FxWirePro: EUR/GBP Daily Outlook

Chart - Courtesy Trading View 

Technical Analysis:

- EUR/GBP was trading 0.01% lower on the day at 0.8457 at around 10:45 GMT

- The pair has bounced off 200-DMA support and further weakness only on break below

- Price action is below 200H MA and is consolidating near cloud base and 200-DMA support

- Momentum is bearish and volatility is high and rising. 5-DMA is sharply lower

- GMMA indicator shows minor trend is bearish, while major trend is turning bearish

Support levels:

S1: 0.8445 (20-week MA)

S2: 0.8439 (200-DMA)

Resistance levels:

R1: 0.8480 (110-EMA)

R2: 0.8563 (200H MA)

Summary: EUR/GBP pivotal at 200-DMA support. Weakness only on decisive break below. Retrace above 110-EMA will see more upside in the pair.