FxWirePro: EUR/GBP eases below 0.8400, faces resistance at 21-DMA

• The euro declined against the British pound amid growing expectations that the new UK finance minister will announce more spending at next month’s budget.
  
• However, the downside appears limited as ongoing worries about Britain’s trade negotiations with the European Union dented the bid tone around the British currency.
  
• EUR/GBP is trading 0.3 percent down at 0.8364, having hit a high 0.8415 on Thursday, its highest since February 13.
  
• The pair faces major resistance at 21-DMA.
  
• Momentum indicators are bearish: RSI weak at 43, MACD supports downside and Stochs indicate a bearish crossover.
  
• Immediate resistance is located at 0.8408 (21-DMA), a break above could take it near 0.8415.
  
• On the downside, support is seen at 0.8356 (5-DMA), a break below could drag it till 0.8343.

Recommendation: Good to sell on rallies around 0.8385, with stop loss of 0.8408 and target price of 0.8343.