FxWirePro: EUR/GBP consolidates break below 200-DMA, bias lower

EUR/GBP chart on Trading View used for analysis

• EUR/GBP consolidates break below 200-DMA, intraday bias bearish.
   
• Technical studies are bearish, RSI and Stochs are sharply lower.
   
• MACD also supports weakness. Price action has slipped below daily cloud.
   
• Next major bear support lies at 61.8% Fib at 0.8824. Break below eyes 110-W EMA at 0.8729

Support levels - 0.8824 (61.8% Fib), 0.8750 (78.6% Fib), 0.8729 (110-W EMA)

Resistance levels - 0.8880 (5-DMA), 0.8893 (200-DMA), 0.8927 (38.2% Fib)

Call update: Our previous call (https://www.econotimes.com/FxWirePro-EUR-GBP-ignores-Doji-formation-at-50-DMA-eyes-200-DMA-at-08859-stay-short-on-upticks-1484314) has hit TP1/2.

Recommendation: Stay short for further weakness.

For details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.