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FxWirePro: EUR/GBP consolidates previous session's slump, bias bearish

EUR/GBP chart on Trading View used for analysis

  • EUR/GBP is trading rangebound on the day at 0.8685 at 0510 GMT.
     
  • The pair is consolidating previous session's slump. Bias still bearish.
     
  • Traders await Eurozone flash consumer confidence index data for further impetus.
     
  • Technical analysis supports further downside. Momentum with the bears.
     
  • Immediate support lies at lower Bollinger band at 0.8645. Scope for test of major trendline support at 0.8620. 
     
  • On the flipside, strong resistance lies at 0.8645 (20-DMA), bearish invalidation only on break above.

Support levels - 0.8645 (Lower BB), 0.8620 (Apr 17 low)

Resistance levels - 0.87, 0.8739 (5-DMA), 0.8745 (20-DMA)

Recommendation: Good to stay short on rallies, SL: 0.8750, TP: 0.8645/ 0.8620

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex
 

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