FxWirePro: EUR/GBP comatose at wedge base support, 'Death Cross' keeps downside pressure

EUR/GBP chart - Trading View 

EUR/GBP was trading largely unchanged at 0.8852 at around 05:35 GMT, after closing 0.28% lower in the previous session.

The pound buoyed after better than expected UK employment data, as the ILO unemployment rate came in at 5% for the three months to November. 

The December Claimant Count Change printed at 7K much better than the 35K anticipated, while average earnings rose by more than anticipated, including and excluding bonus, up by 3.6% in the three months to November.

Further, the number of new coronavirus contagions in the UK continues decreasing, which again supports the pound.

From a technical perspective, the pair trades with a bearish bias. Momentum is bearish, Stochs and RSI are sharply lower.

A 'Death Cross' on the daily charts (bearish 50-DMA crossover on 200-DMA) to weigh on the pair.

Price action finds strong supports at 0.8845 (wedge base) and 0.8832 (200W MA). Break below will plummet prices.

Next major bear target lies at 61.8% Fib at 0.8743. On the flipside, 5-DMA is immediate resistance at 0.8864. Bearish invalidation only above 200-DMA.