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FxWirePro: EUR/GBP upside lacks traction, stiff resistance seen at daily cloud

Chart - Courtesy Trading View 

Technical Analysis: Bias Bearish

- EUR/GBP was trading 0.20% higher on the day at 0.8333 at around 12:10 GMT

- Recovery in the pair lacks traction, price action slips lower from session highs at 0.8348

- Daily cloud offers stiff resistance and any further gains only on decisive break above

- MACD and ADX support downside, GMMA indicator shows near term trend is bearish

Support levels - 0.83, 0.8278 (Lower BB), 0.8205 (200-month MA)

Resistance levels - 0.8337 (5-DMA), 0.8367 (21-EMA), 0.8378 (20-DMA)

Summary: EUR/GBP recovery lacks traction, the pair is set to resume downside. Scope for test of channel base at 0.8225.
 

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