EURGBP Bears Break Trendline: Sell Rallies at 0.8578 as Support Breach Eyes 0.8450 Slide
EURGBP broke minor trend line support after forming a temporary top around 0.85819. As long as resistance at 0.8600 holds, intraday bias is bearish. Currently trading at 0.85656, it reached an intraday low of 0.85646. Te…
EURGBP broke minor trend line support after forming a temporary top around 0.85819. As long as resistance at 0.8600 holds, intraday bias is bearish. Currently trading at 0.85656, it reached an intraday low of 0.85646.
Technical Analysis
The pair is currently trading below 55 and above 200- EMA and 365-EMA on the 1-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 (1-hour chart)
CCI (50): Bearish
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.
