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FxWirePro: EUR/GBP extends bearish streak for the sixth straight session, 55-EMA in sight

Chart - Courtesy Trading View 

Technical Analysis:

- EUR/GBP was trading 0.14% lower on the day at 0.8833 at around 15:00 GMT

- The pair is extending the brearish streak for the 6th consecutive session

- Price action is below 200H MA GMMA indicator has turned bearish on the intraday charts

- Momentum is bearish, Stochs and RSI are sharply lower, RSI is below 50 mark

- MACD confirms bearish crossover on signal line, Chikou span is biased lower

Support levels:

S1: 0.8825 (20-DMA)

S2: 0.8791 (55-EMA)

Resistance levels:

R1: 0.8861 (5-DMA)

R2: 0.8892 (200H MA)

Summary: EUR/GBP trades with a bearish bias. The pair is on track to test 55-EMA support. Break below will drag the pair lower to test daily cloud. 
 

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