EUR/GBP chart - Trading View
Technical Analysis: Bias Bearish
- EUR/GBP holds support at 200W MA, break below required for downside continuation
- The pair is consolidating break below Wedge base support
- Momentum studies are bearish, Stochs and RSI support downside
- Price action is below major moving averages and volatility is rising as evidenced by widening Bollinger bands
- 'Death Cross' (bearish 50-DMA crossover on 200-DMA) on the daily charts keeps bias lower
Support levels - 0.8832 (200W MA), 0.8743 (61.8% Fib), 0.8670 (April 30 low)
Resistance levels - 0.8850 (5-DMA), 0.8887 (50% Fib), 0.8907 (21-EMA)
Summary: EUR/GBP has paused 4-day weakness and edged higher ahead of German GDP data. A big beat on expectations may put a bid under the single currency, pushing the pair higher. Technical bias is bearish. Break below 200W MA will plummet prices.
