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FxWirePro: EUR/GBP Technical Outlook

Chart - Courtesy Trading View 

Technical Analysis: Bias Bearish

- EUR/GBP was trading 0.09% lower on the day at 0.8321 at around 06:20 GMT

- Recovery attempts in the pair lack traction, upside capped at 5-DMA

- Price action is extending weakness after rejection at 110-EMA and daily cloud

- Stochs and RSI are sharply lower, momentum is with the bears

- MACD confirms bearish crossover on signal line, ADX supports weakness

Support levels - 0.83, 0.8245 (Channel base), 0.8202 (yearly low)

Resistance levels - 0.8342 (5-DMA), 0.8355 (21-EMA), 0.8370 (55-EMA)

Summary: EUR/GBP trades with a bearish bias. Scope for test of channel base at 0.8245. 
 

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