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.
