EUR/GBP Forms Triple Top Near 0.8600: Bears Target Key Breakout Below 0.8550
EURGBP formed triple top around 0.8600 and shown a minor sell-off. As long as resistance at 0.8600 holds, the intraday bias is bearish. Currently trading at 0.85559, it reached an intraday low of 0.85462. Technical Analy…
EURGBP formed triple top around 0.8600 and shown a minor sell-off. As long as resistance at 0.8600 holds, the intraday bias is bearish. Currently trading at 0.85559, it reached an intraday low of 0.85462.
Technical Analysis
The pair is currently trading below 55 and above the 200-EMA and 365-EMA on the 4-hour chart.
Bearish Trend Confirmation: Any break below 0.8550 confirms an intraday bearish trend. A drop to 0.8500/0.8450/0.8400 is likely.
Near-Term Resistance: The near -term resistance is around 0.8600. Any violation above will take the pair to 0.8660/0.8690/0.8725.
Indicator Analysis (4-hour chart)
CCI (50): Neutral
Average Directional Movement Index: Bearish
Trading Recommendation
It is good to sell on rallies around 0.8578-80 with SL around 0.8630 for a TP of 0.8500/0.8450.
