- EUR/GBP extends downside for 4th straight session, trades below 20-DMA at 0.8440.
- Markets focus on BoE's Super Thursday, investors wary to carry big bets heading into the key event risk.
- The pair is trading in a narrow range, intraday bias lower. Technical indicators turn bearish after decisive close below 20-DMA.
- Focus also remains on the ECB President Draghi’s speech amid a data-light EUR calendar.
- Immediate support seen at 0.8348 (38.2% Fib), violation there could see drag upto 0.83 (triple bottom).
Support levels - 0.8348 (38.2% Fib of 0.6930 to 0.9225 rise), 0.83 (Dec 5 2016 & Apr 18 low)
Resistance levels - 0.8442 (5-DMA), 0.8440 (20-DMA), 0.8490 (trendline)
Call update: Our previous call (http://www.econotimes.com/FxWirePro-EUR-GBP-finds-major-resistance-at-08485-intraday-bias-lower-688563) has hit TP1.
Recommendation: Book partial profits at lows, lower trailing stops to 0.8440, target 0.8350/ 0.83
FxWirePro Currency Strength Index: FxWirePro's Hourly EUR Spot Index was at -27.4523 (Neutral), while Hourly GBP Spot Index was at 59.1562 (Neutral) at 1030 GMT. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex.
