EUR/GBP chart on Trading View used for analysis
- EUR/GBP trades with a major bearish bias. Scope for weakness till 200-W SMA at 0.8367.
- The pair has been rejected at 20-W SMA with a 'Gravestone Doji' formation.
- Price action has slipped below 110-W EMA and has retraced below 23.6% Fib.
- Technical studies support weakness on daily and weekly charts. Stochs and RSI are sharply lower.
- The British Pound (GBP) remains supported after the UK PM Theresa May provided British lawmakers an option to delay Brexit.
- Receeding fears of a hard-Brexit will keep the pound buoyed.
Support levels - 0.8494 (55-M EMA), 0.8398 (38.2% Fib), 0.8367 (200-W SMA)
Resistance levels - 0.8644 (5-DMA), 0.8717 (21-EMA), 0.8791 (55-EMA)
For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
