FxWirePro: EUR/GBP adds to previous session's heavy losses, retreats below 21-EMA

EUR/GBP chart - Trading View 

EUR/GBP was trading 0.30% lower on the day at 0.8569 at around 10:30 GMT, extends previous session's slump.

Traders' cautious sentiment prevails ahead of the European Central Bank (ECB) monetary policy meeting.

After the dovish strategic review, the central bank is likely to strike a more dovish tone which could drag the pair lower. 

ECB policymakers’ economic outlook will be observed closely, as they’re more likely to keep the easy monetary policy.

The pair has failed to extend cloud breakout, finds rejection at 110-EMA resistance.

Price action is extending weakness for the 2nd consecutive session, slips below 21-EMA support.

GMMA indicator shows a bearish shift on the hourly charts. The pair trades pivotal at 200H MA support.

Failure at daily cloud and breach below 200H MA raises scope for downside. Next major support lies at 0.8510 (major trendline support).