EURGBP showed a minor sell-off due to policy divergence between the ECB and BOE. As long as support 0.8660 holds, intraday bias is positive. Currently trading at 0.87294, it reached an intraday low of 0.87200.
Technical Analysis
The pair is currently trading above 55 and 200- EMA and 365-EMA on the 4-hour chart.
Bearish Trend Confirmation: Any break below 0.8700 confirms an intraday bearish trend. A drop to 0.8660/0.8630/0.8600/0.8560/0.8520/0.8480 is likely.
Near-Term Resistance: The near-term resistance is around 0.8752. Any violation above will take the pair to 0.8800/0.8850.
Indicator Analysis (4-hour chart)
CCI (50): Bullish
Average Directional Movement Index: Bullish
Trading Recommendation
It is good to buy on dips around 0.8700 with SL around 0.8660 for a TP of 0.8800.
