FxWirePro: EUR/GBP extends rebound, faces resistance at 7-EMA

• The euro rose to a 5-day peak against the British pound as investors priced in looser financial conditions under Britain’s new finance minister.
• Moreover, lingering worries about economic ties between Britain and the European Union further dented the bid tone around the British currency.
• EUR/GBP is trading 0.1 percent up at 0.8336, having hit a low 0.8295 on Thursday, its lowest since December 13.
• Technical indicators are bearish: RSI weak at 36, MACD supports downside and Stochs are at oversold levels
• Immediate resistance is located at 0.8367 (7-EMA), a break above could take it near 0.8387.
• On the downside, support is seen at 0.8308, a break below could drag it till 0.8275.

Recommendation: Good to sell on rallies around 0.8328, with stop loss of 0.8336 and target price of 0.8308.