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FxWirePro: EUR/GBP extends downside after rejection at channel top, slips into daily cloud

Chart - Courtesy Trading View 

Technical Analysis: Bias Bearish

- EUR/GBP was trading 0.30% lower on the day at 0.8398 at around 11:20 GMT

- Price action has slipped into the daily cloud, scope for further downside

- The pair failed to extend break above 200-DMA which is major resistance at 0.8464

- Price action was rejected at channel top resistance, further upside only on break above

- Stochs and RSI are biased lower, Stochs show bearish rollover from overbought levels

- The pair hovers around 200H MA and 21-EMA support at 0.8398, break below to plummet prices

Support levels - 0.8398 (nearly converged 200H MA and 21-EMA), 0.8381 (55-EMA), 0.8367 (50-DMA)

Resistance levels - 0.8409 (110-EMA), 0.8417 (Cloud top), 0.8464 (200-DMA)

Summary: EUR/GBP is trading with a bearish bias. The pair is holding support at 200H MA and 21-EMA. Break below to plummet prices further. 
 

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