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FxWirePro: EUR/GBP capped below 0.80 handle, bias lower

Wednesday, April 13, 2016 7:59 AM UTC

EUR/GBP is seen trading a rising channel since Jan 2016, and has remained capped below the 0.80 handle.
The pair is extending downside from fresh 20-month highs at 0.8117 hit on April 7th, down for the 4th straight session.
Moving averages are turning south indicating some shift in trend, and 5-DMA is on the verge of a bearish cross-over on 10-DMA.
Trade is rangebound, with highs at 0.7984 and lows at 0.7966, doji formed in the European session till now.
Momentum has turned bearish on the daily charts with Stochs rolling over from overbought with a bearish crossover and RSI bouncing back from just over 70 levels.
Our short call (http://www.econotimes.com/FxWirePro-EUR-GBP-struggles-at-the-080-handle-focus-on-UK-inflation-data-193044) is progressing. We recommend holding for targets

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FxWirePro: EUR/GBP capped below 0.80 handle, bias lower

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