EURGBP Clings to Trendline Support But Bearish Bias Intact – Sell Rallies Targeting 0.8600 Below 0.8750 Resistance

 

 

 

EURGBP showed a minor pullback after taking near trendline support. As long as resistance 0.8750 holds, intraday bias is negative. Currently trading at 0.86843, it reached an intraday low of 0.86843.

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 0.8640 confirms an intraday bearish trend. A drop to 0.8600/0.8540 is likely.

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

Indicator Analysis (4-hour chart)

CCI (50): Bearish

Average Directional Movement Index:  Neutral

Trading Recommendation

It  is good to sell on rallies around 0.8698-70 with SL around 0.8750 for a TP of 0.8600.