EUR/GBP Bearish Momentum Intact: Sell Rallies at 0.8750 Targeting 0.8660 with SL Above 0.8800

After eight days of a bearish trend, EURGBP rebounded slightly. Intraday bias is unfavorable as long as resistance 0.8800 holds. At 0.87315 currently, it fell to an intraday low of 0.87027.

Technical Analysis

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

Bearish Trend Confirmation: Any break below 0.8700 confirms an intraday bearish trend. A drop to 0.8660/0.8630/0.8600 is likely.

Near-Term Resistance:  The near-term resistance is around 0.8750. Any violation above will take the pair to 0.8780/0.8825/0.8865/0.8900/0.8950.

Indicator Analysis (4-hour chart)

CCI (50): Bearish

Average Directional Movement Index:  Neutral

Trading Recommendation

It is good to sell on rallies around 0.8748-50 with SL around 0.8800 for a TP of 0.8660.