Chart - Courtesy Trading View
Spot Analysis:
EUR/GBP was trading 0.52% lower on the day at 0.8561 at around 10:30 GMT
Previous Week's High/ Low: 0.8678/ 0.8551
Previous Session's High/ Low: 0.8626/ 0.8595
Fundamental Overview:
S&P Composite PMI for the eurozone arrived at 52 in June, showing that the business activity in the private sector expanded at a soft pace.
Brexit fears, political woes keep the pound under pressure and limit downside in the pair
Technical Analysis:
- Price action is below 21-EMA and 200H MA
- 5-DMA has turned and Stochs and RSI are biased lower
- Upside capped at major trendline resistance
- The pair is contained within weekly cloud
Major Support and Resistance Levels:
Support - 0.8523 (55-EMA), Resistance - 0.8660 (Trendline)
Summary: EUR/GBP trades with a bearish bias. The pair is on track to test 55-EMA support at 0.8523.
