FxWirePro: EUR/GBP pivotal at 200-DMA support at 0.8753, break below opens downside

EUR/GBP chart - Trading View 

EUR/GBP was trading 0.83% lower on the day at 0.8783 at around 11:00 GMT, extending weakness for the 8th straight session.

The pair has edged higher from session lows at 0.8759, finds strong support at 0.8753 (nearly converged 200-DMA and 55-EMA).

Major trend in the pair is neutral and minor trend is bearish as evidenced by the GMMA indicator.

Momentum studies are bearish. MACD shows bearish crossover on signal line. Bearish 5-DMA crossover on 20-DMA adds to the bearish bias.

The pair remains pivotal at 200-DMA support, break below will open downside. Drag till 76.4% Fib at 0.8564 likely. 

5-DMA is immediate resistance capping upside at 0.8868. Retrace above 20-DMA to confirm bearish invalidation.

Support levels - 0.8753 (200-DMA), 0.8695 (110-EMA), 0.8672 (50-DMA)

Resistance levels - 0.8868 (5-DMA), 0.8920 (21-EMA), 0.8994 (20-DMA)