FxWirePro: EUR/GBP hovers around 38.2% Fib, more weakness on charts

EUR/GBP chart - Trading View 

EUR/GBP was trading 0.07% higher on the day at 0.9039 at around 09:15 GMT, after closing 1.26% lower in the previous session.

The pair is on a downtrend after bulls failed to break past the 0.95 barrier, intraday bias remains bearish.

The Bank of England (BOE) on Thursday failed to offer any fireworks, left policy unchanged after two emergency moves.

Further, UK Retail Sales disappointed on Thursday, slipped to 0.0% y/y, missing forecasts at 0.8%.

Technicals suggest EUR/GBP is set to extend weakness. 5-DMA is sharply lower and Stochs and RSI have rolled over from overbought levels.

'Death Cross' (bearish 50-DMA crossover on 200-DMA) confirmation on the hourly charts adds to the bearish bias.

Immediate support lies at 20-DMA at 0.8966. Break below will see further weakness. Test of 50% Fib at 0.8887 then likely.

Support levels - 0.8966 (21-EMA), 0.8887 (50% Fib)

Resistance levels - 0.9131 (5-DMA), 0.9195 (200H MA)