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FxWirePro: EUR/GBP extends weakness below 21-EMA, eyes breach below cloud

EUR/GBP chart - Trading View 

Technical Analysis: Bias Bearish

- EUR/GBP is extending weakness for the 3rd straight session

- The pair is extending weakness below 21-EMA

- Stochs and RSI are biased lower and RSI is below 50 mark

- MACD shows bearish crossover on signal line

- Price action is capped within daily cloud and Chikou span is biased lower

- Negative DMI crossover on positive DMI adds to the bearish pressure

Support levels - 0.8595 (Cloud base), 0.85, 0.8471 (110-month EMA)

Resistance levels - 0.8653 (21-EMA), 0.8681 (55-month EMA), 0.8737 (110-EMA)

Summary: EUR/GBP trades with a bearish bias. Scope for dip till cloud base. Breach below cloud will open downside. Focus on BoE policy decision for impetus. 

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