FxWirePro: EUR/GBP finds strong support at daily cloud, good to short break below

• GBP is currently under pressure from BOE Deputy Governor Minouche Shafik's comments.
   
• Shafik said "Seems likely that further monetary stimulus will be required 'at some point'."
   
• EUR/GBP bounced off from lows of 0.8589 to 0.8619 as GBP extends weakness.
   
• The pair is extending decline from multi-week highs of 0.8716 (Sept 26), has broken major trendline support at 0.8611, bias remains lower.
   
• Daily cloud is seen as strong support on the downside, break below could accentuate weakness.
   
• Firmly bearish technicals favor further downside action. Stochs have rolled over from overbought levels, RSI is biased lower.
   
• Major support levels - 0.8589 (session low), 0.8578 (cloud top), 0.8560 (trendline), 0.8514 (20-DMA)
   
• Major resistance levels - 0.86, 0.8625 (session high), 0.8631 (Sept 20 high), 0.8692 (Aug 19 high)
  ​

Recommendation: Good to short break below 0.8575, SL: 0.8625, TP: 0.8515/ 0.85/ 0.8440