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EURGBP formed a double top around 0.8750 and pared some of its gains from that level. As long as resistance 0.87520 holds, intraday bias is still negative. Currently trading at 0.86718, it reached an intraday low of 0.86588.
Technical Analysis
The pair is currently trading below 55 and 200- EMA and above 365-EMA on the 4-hour chart.
Bearish Trend Confirmation: Any break below 0.8660 confirms an intraday bearish trend. A drop to 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): Bearish
Average Directional Movement Index: Neutral
Trading Recommendation
It is good to sell on rallies around 0.8680-85 with SL around 0.8752 for a TP of 0.8500.
