Chart - Courtesy Trading View
Technical Analysis: Bias Bearish
- EUR/GBP was trading 0.17% higher on the day at 0.8326 at around 11:10 GMT
- The pair is consolidating previous session's weakness, snaps three-day downside
- Price action has been rejected at 110-EMA resistance, the pair has slipped below daily cloud
- Momentum indicators are bearish, Stochs show rollover from overbought levels, RSI is biased lower and below the 50 mark
- The pair grinds lower in sloping channel pattern, major trend remains bearish
- MACD confirms bearish crossover on signal line, negative DMI crossover on positive DMI aids downside
Support levels - 0.83, 0.8240 (channel base), 0.8197 (200-month MA)
Resistance levels - 0.8352 (20-DMA), 0.8372 (55-EMA), 0.8409 (110-EMA)
Summary: EUR/GBP recovery lacks traction. Technical bias has turned bearish after rejection at 110-EMA. Bias remains bearish, scope for dip till channel base at 0.8240.
