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FxWirePro: EUR/GBP breaks below 21-EMA support, eyes 55-EMA at 0.8523

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.

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