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FxWirePro: EUR/GBP Daily Outlook

Chart - Courtesy Trading View Technical Analysis: Bias Bearish - EUR/GBP was trading 0.10% lower on the day at 0.8781 at around 11:30 GMT - The pair is extending bearish streak for the 3rd straight session, slips below d…

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Chart - Courtesy Trading View 

Technical Analysis: Bias Bearish

- EUR/GBP was trading 0.10% lower on the day at 0.8781 at around 11:30 GMT

- The pair is extending bearish streak for the 3rd straight session, slips below daily cloud

- Price action capped between 55 and 110 EMAs, likely to extend sideways

- GMMA indicator shows major trend is neutral, while minor trend is bearish

Support levels:

S1: 0.8772 (110-EMA)

S2: 0.8716 (Lower BB)

Resistance levels:

R1: 0.8791 (5-DMA)

R2: 0.8803 (200H MA)

Summary: EUR/GBP trapped between major moving averages. Dip below cloud has raised scope for downside. Watch out for break below 110-EMA for more weakness. 
 

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