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FxWirePro: EUR/GBP pauses downside, shows potential signs of reversal

EUR/GBP chart - Trading View 

Technical Analysis: Bias Turning Bullish

- EUR/GBP trades 0.40% higher on the day at 0.8634 at 10:50 GMT

- Hammer formation on Previous days candle suggests indecision to drag prices lower

- Price has edged above 5-DMA and 5-DMA is showing a turn

- Stochs and RSI are at highly oversold levels and are on verge of bullish rollover

- GMMA indicator shows near-term MAs have edged above long-term MAs on the hourly charts

Support levels - 0.8626 (5-DMA), 0.8560 (76.8% Fib), 0.8463 (110 month EMA)

Resistance levels - 0.8661 (200H MA), 0.8688 (55 month EMA), 0.8721 (21-EMA)

Summary: EUR/GBP pauses downside at 76.8% Fib. Major trend in the pair is bearish. However, minor signs of reversal seen on intraday charts. Break above 200H MA at 0.8661 could see further gains. 
 

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