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EURGBP lost its gains on board-based Pound sterling selling. Intraday bias remains bearish as long as resistance 0.8550 holds. It hits an intraday low of 0.84146 and is currently trading around 0.84313.
Technical Analysis
The pair is currently trading below the 34- and below 55-EMA on the 4-hour chart.
Bearish Trend Confirmation: Any break below 0.8400 confirms an intraday bearish trend. A drop to 0.8378/0.8300 is likely.
Near-Term Resistance: The near-term resistance is around 0.8450. Any violation above will take the pair to 0.8500/0.8550/0.8605/ 0.8660/0.8765/0.8800.
Indicator Analysis (4-hour chart)
- CCI (50): Bearish
- Average Directional Movement Index: Bearish
Trading Recommendation
It is good to sell on rallies around 0.8470-725 with SL around 0.8520 for a TP of 0.8380.
