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FxWirePro: EUR/GBP Technical Outlook

Chart - Courtesy Trading View 

Technical Analysis: Bias Bearish

- EUR/GBP was trading 0.34% lower on the day at 0.8226 at around 10:20 GMT

- The pair is on verge of break below channel base, which if confirmed will plummet prices

- Momentum is strongly bearish. Stochs and RSI are sharply lower, raising scope for further downside

- GMMA indicator shows major and minor trend is strongly bearish, MACD and ADX support downside

Support levels - 0.8197 (200-week MA), 0.8165 (Lower W BB), 0.8067 (June 2010 low)

Resistance levels - 0.8279 (5-DMA), 0.83, 0.8329 (21-EMA)

Support: EUR/GBP was trading with a strong bearish bias. Close below channel base will buoy bears in the pair. Major support is seen at 200-week MA at 0.8197. Watch out for break below for further downside.
 

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