FxWirePro: EUR/GBP extends weakness below 200-DMA, ECB leaves interest rates unchanged

EUR/GBP chart - Trading View 

EUR/GBP is extending weakness below 200-DMA, bias remains bearish.

The pair was trading 0.44% lower on the day at 0.8684 at around 11:50 GMT.

The European Central Bank left interest rates unchanged as expected and eased TLTRO conditions, sending the euro lower across the board.

ECB left interest rates on the main refinancing operations and the interest rates on the marginal lending facility and the deposit facility unchanged at 0.00%, 0.25% and -0.50%, respectively, as expected. 

ECB set to conduct new series of non-targeted pandemic emergency LTRO to support liquidity conditions in euro area financial system.

Focus now on ECB President Christine Lagarde's remarks on the monetary policy outlook in a press conference at 12:30 GMT.

EUR/GBP technically poised for further weakness. Price action below cloud, 200-DMA and 61.8% Fib retracement.

Volatility is rising, dip till 76.4% Fib at 0.8564 likely. Bearish invalidation only above 200-DMA. 

Support levels - 0.8653 (Lower BB), 0.8564 (76.4% Fib)

Resistance levels - 0.8709 (110-EMA), 0.8730 (200-DMA)