EUR/GBP: Bearish Bias Dominates Post-UK Jobs Data, Targeting 0.8600

 

 

EURGBP pared some of its gains after UK jobs data. Intraday bias remains bearish as long as the resistance 0.8750 holds. It hits an intraday low of 0.86320 and is currently trading around 0.86338.

 

Technical Analysis

The pair is currently trading below 55 and above 200-EMA and 365-EMA on the 4-hour chart.

Bearish Trend Confirmation: Any break below 0.8630 confirms an intraday bearish trend. A drop to 0.8600/0.8560/0.8520/0.8480 is likely. Near-term support is around 0.8630.

Near-Term Resistance:  The near-term resistance is around 0.8680. Any violation above will take the pair to 0.8750/0.8800/0.8850.

Indicator Analysis (4-hour chart)

CCI (50): Bearish

Average Directional Movement Index:  Bearish

Trading Recommendation

It is good to sell on rallies around 0.8700 with SL around 0.8750 for a TP of 0.8600.