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FxWirePro: EUR/GBP Short-Term Outlook

EUR/GBP chart - Trading View 

Technical Analysis: Bias Bearish

- EUR/GBP was trading 0.22% lower on the day at 0.8464 at around 12:25 GMT

- The pair is extending declines after recovery was rejected at 200-DMA

- MACD is below the zero level and supports downside, ADX also favours bearish bias

- Momentum is with the bears, RSI is below 50 and biased lower, Stochs are at oversold levels

- After grinding sideways between 55 and 110 month EMAs, the pair is showing a breach below 110-month EMA

- Weekly close below 0.8465 will see drag till major trendline support at 0.8365

Support levels - 0.8465 (trendline support), 0.84, 0.8365 (trendline)

Resistance levels - 0.8522 (5-DMA), 0.8560 (21-EMA), 0.8634 (23.6% Fib)

Summary: EUR/GBP hovers around major trendline support at 0.8465. Watch out for weekly close below for further weakness. Breach below sees little support till 0.8365.
 

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