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Chart - Courtesy Trading View
Technical Analysis:
- EUR/GBP was trading 0.48% higher on the day at 0.8613 at around 13:50 GMT
- The pair has snapped a four-day bearish streak, but recovery lacks traction
- Price action has bounced off from just above 200-DMA support
- Spinning top formation at lows raises scope for more upside
- Momentum still with the bears, Stochs are sharply lower and RSI is below the 50 mark
Support levels:
S1: 0.8537 (200-DMA)
S2: 0.85
Resistance levels:
R1: 0.8628 (110-EMA)
R2: 0.8650 (21-EMA)
Summary: EUR/GBP recovery lacks conviction. Technical bias is still bearish. Break below 200-DMA will plummet prices. Decisive break above 110-EMA could change near-term dynamics.
