FxWirePro: EUR/GBP resumes downside after brief pause on Monday's trade
EUR/GBP chart - Trading View
EUR/GBP was trading 0.22% lower on the day at 0.8434 at around 11:25 GMT.
The pair has resumed its downside after a brief pause on Monday's trade, outlook bearish.
Price action has breached major trendline support at 0.8475 raising scope for further downside.
Upside remains capped at 5-DMA. Momentum studies are bearish and MACD and ADX support more weakness.
Increasing Bank of England rate hike expectations ahead of Wednesday's September UK inflation report is keeping the pound buoyed.
Support levels - 0.84 (Lower BB), 0.8360 (major trendline), 0.83
Resistance levels - 0.8454 (5-DMA), 0.8460 (Trendline), 0.8475 (200H MA)
Summary: EUR/GBP is poised for more downside after breach below major trendline support in the previous weeks trade. 0.8360 in sight, bearish invalidation only above 200H MA (0.8475).