Chart - Courtesy Trading View
Spot Analysis:
EUR/GBP was trading largely unchanged on the day at 0.8417 at around 09:05 GMT
Previous Week's High/ Low: 0.8588/ 0.8520
Previous Session's High/ Low: 0.8426/ 0.8383
Fundamental Overview:
ECB's Lagarde says the conditions to raise rates are very unlikely to be satisfied next year.
Euro likely to remains under pressure after dovish comments from Lagarde.
Technical Analysis:
- GMMA indicator shows major and minor trend are bearish
- Price action is below major moving averages which are trending bearish
- Momentum is bearish, Stochs and RSI are sharply lower, RSI is well below the 50 mark
- MACD and ADX support downside in the pair
Major Support and Resistance Levels:
Support - 0.8367 (Lower BB), Resistance - 0.8424 (5-DMA)
Summary: EUR/GBP trades with a bearish bias. Recovery attempts lack traction. Dovish comments from ECB's Lagarde keep downside pressure.
