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FxWirePro: EUR/GBP Daily Outlook

Chart - Courtesy Trading View 

Technical Analysis: Bias Bearish

GMMA Indicator

- Both major and minor trend are strongly bearish

Ichimoku Analysis

- Price action is below cloud and major moving averages

- Chikou span is biased lower, suggesting further downside

Oscillators

- Stochs and RSI show momentum is strongly bearish

- Stochs are at oversold, but no signs of reversal seen

Bollinger Bands

- Bollinger bands are wide and show high volatility

Major Support Levels: 0.8390 (Rising trendline), 0.83 (Lower monthly BB), 0.8174 (200-month MA)

Major Resistance Levels: 0.8426 (5-DMA), 0.8472 (21-EMA), 0.8476(110-month EMA)

Summary: EUR/GBP is consolidating break below trendline support. Bias remains bearish, scope for further downside. 
 

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