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FxWirePro: EUR/GBP under selling pressure for the second consecutive session, hits new 10-week low

EUR/GBP chart - Trading View 

Technical Analysis: Bias Bearish

- EUR/GBP slumps lower for the 2nd straight session, hits new 10-week low

- Price action has been rejected at daily cloud and 55-EMA

- The pair is extending downside for the 10th straight week

- Volatility is high as evidenced by widening Bollinger bands

- GMMA indicator shows major and minor trend is bearish

Support levels - 0.85 (Trendline), 0.8472 (110-month EMA), 0.8338 (Lower M BB)

Resistance levels - 0.8579 (5-DMA), 0.8597 (21-EMA), 0.8621 (55-EMA)

Summary: EUR/GBP trades with a bearish bias. Scope for test of trendline support at 0.85. Break below will see test of 88.6% Fib at 0.8415.

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