FxWirePro: EUR/GBP rejected at daily cloud, break below 20-DMA to see extension of downside

EUR/GBP chart on Trading View used for analysis

• EUR/GBP is holding support at 20-DMA, break below will see further downside.
   
• 5-DMA has turned lower and price action has slipped below 21-EMA.
   
• Stochs and RSI are biased lower and Stochs have shown a rollover from overbought levels.
   
• Upside remains capped at 110-EMA and we see bullish reversal only on break above 100-DMA.
   
• Break below 20-DMA finds next major support at 61.8% Fib at 0.8803 ahead of 0.8723 (Oct 10 low)

Support levels - 0.8815 (20-DMA), 0.8803 (61.8% Fib), 0.8723 (Oct 10 low)

Resistance levels - 0.8885 (100-DMA), 0.89, 0.8915 (38.2% Fib)

Recommendation: Watch out for break below 20-DMA for further weakness.

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.