FxWirePro: EUR/GBP rejected at 200-DMA, good to short breach at 'triangle base' (0.8760)

• EUR/GBP is extending downside after rejection at 200-DMA, bias bearish.
   
• The pair is extending minor upside, is trading 0.19% higher on the day.
   
• The major is extending trade in 'Symmetric Triangle' pattern and finds major support at 0.8760 ('Triangle Base').
   
• Breach at 0.8760 could see extension of downside. Next major support lies at 61.8% Fib at 0.8682.
   
• On the upside price action is struggling to extend gains above 200-DMA and we see any upside only on decisive close above.

Support levels - 0.8760 ('Triangle Base'), 0.8682 (61.8% Fib retrace of 0.8297 to 0.9306 rally), 0.8655 (May 30 low)

Resistance levels - 0.8795 (5-DMA), 0.8837 (200-DMA), 0.8875 (100-DMA)

Recommendation: Good to go short on breach below 'Triangle Base' at 0.8760, SL: 0.88, TP: 0.87/ 0.8680/ 0.8655.

FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at 33.5065 (Neutral), while Hourly GBP Spot Index was at 111.369 (Bullish) at 1100 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.

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