EUR/GBP Slumps Under Pressure: Bearish Momentum Builds as 0.8675 Resistance Holds Firm

EURGBP trades weak on board-based Euro selling. As long as resistance  0.86750 holds, intraday bias is bearish. Currently trading at 0.86307, it reached an intraday low of 0.86294.

Technical Analysis

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

Bearish Trend Confirmation: Any break below 0.86280 confirms an intraday bearish trend. A drop to 0.8600/0.8540 is likely.

Near-Term Resistance: The near-term resistance is around 0.8675. Any violation above will take the pair to 0.8700/0.8750/ 0.8780/0.8825/0.8865/0.8900/0.8950.

Indicator Analysis (1-hour chart)

CCI (50): Bearish

Average Directional Movement Index:  Bearish

Trading Recommendation

It is good to sell on rallies around 0.8648-50 with SL around 0.8700 for a TP of 0.8500.