FxWirePro: EUR/GBP faces strong resistance around 0.7200, good to sell on rallies

• RES 4: 0.7330 (200 day 4 HMA)

• RES 3: 0.7300

• RES 2: 0.7235 (55 day 4H EMA)

• RES 1 :0.7187 (20 day 4HMA)       

PRICE: 0.71329 @ 12:33 GMT 

• SUP 1: 0.7108 (161.8% retracement of 0.7168 and 0.7248)

• Sup 2: 0.7050 (78.6% retracement of 0.6938 and 0.7490)

• SUP 3: 0.7000
• SUP 4: 0.6950 (Aug 5th low)

EUR/GBP has made a low of 0.7107 and slightly recovered till 0.7164. Overall trend is still weak as long as resistance 0.7200 holds.

The pair's major support is around 0.7100 and any break below will target 0.7050/0.7000/0.6950

On the higher side minor resistance is around 0.7200 and any break above would extend gains till 0.7250/0.7300.

It is good to sell on rallies around 0.7200 with SL around 0.7250 for the TP of 0.7100