FxWirePro: EUR/GBP slips below daily cloud, further weakness on cards

Chart - Courtesy Trading View 

Spot Analysis:

EUR/GBP was trading 0.03% lower on the day at 0.8361 at around 08:30 GMT

Previous Week's High/ Low: 0.8512/ 0.8320

Previous Session's High/ Low: 0.8430/ 0.8351

Fundamental Overview:

The single currency remains under depreciation pressure as EU nations mull further sanctions against Russia.

Investors analyse the impact of potential more sanctions against Moscow, which could lead to higher commodity prices and fuel inflation concerns.

Further, Ukrainian President Volodymyr Zelenskyy said on Tuesday, it is possible that there might not be any meeting with Russian President Vladimir Putin, another euro negative.

Technical Analysis:

- EUR/GBP slips below daily cloud

- Stochs and RSI are biased lower, RSI slips below 50 mark

- MACD is on verge of bearish crossover on signal line

- Price action has broken below 200H MA 

- GMMA indicator shows bearish shift on the intraday charts

Major Support and Resistance Levels:

Support - 0.8205 (200-month MA), Resistance - 0.8379 (55-EMA)

Summary: EUR/GBP poised for further downside. Test of 200-month MA at 0.8205 likely.