Chart - Courtesy Trading View
EUR/GBP was trading largely muted at 0.8334 at around 10:55 GMT, outlook remains bearish.
The pair is extending weakness below daily cloud after price action was rejected at channel top.
Data released earlier today showed Eurozone’s Retail Sales rose by 0.3% MoM in February versus 0.6% expected and 0.2% last.
On an annualized basis, the bloc’s Retail Sales came in at 5% in February versus 8.4% recorded in January and missing estimates at 4.8%.
MACD confirms bearish crossover on signal line, ADX supports downside, price action has broken below 200H MA
Momentum is with the bears, 5-DMA is sharply lower, GMMA shows bearish shift in the near-term moving averages.
Major Support and Resistance Levels:
Support - 0.8247 (Lower W BB), 0.8205 (200-month MA)
Resistance - 0.8379 (55-EMA), 0.8406 (110-EMA)
Summary: EUR/GBP poised for further downside. Test of 200-month MA at 0.8205 likely.
