EUR/GBP chart on Trading View used for analysis
- EUR/GBP consolidates break below 200-DMA, intraday bias bearish.
- Technical studies are bearish, RSI and Stochs are sharply lower.
- MACD also supports weakness. Price action has slipped below daily cloud.
- Next major bear support lies at 61.8% Fib at 0.8824. Break below eyes 110-W EMA at 0.8729
Support levels - 0.8824 (61.8% Fib), 0.8750 (78.6% Fib), 0.8729 (110-W EMA)
Resistance levels - 0.8880 (5-DMA), 0.8893 (200-DMA), 0.8927 (38.2% Fib)
Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-GBP-ignores-Doji-formation-at-50-DMA-eyes-200-DMA-at-08859-stay-short-on-upticks-1484314) has hit TP1/2.
Recommendation: Stay short for further weakness.
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.