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EURGBP bears break below strong support of 0.8775 and 0.8735 levels after failure swings at channel resistance (refer daily chart), Shooting stars patterns have also occurred at 0.8915 levels (channel resistance) that signaled weakness at the same level, the current price slid below DMAs with bearish crossovers.
Both lagging indicators on daily plotting, have shown bearish crossovers that indicate downtrend to prolong further.
While leading oscillators also converge downwards to the ongoing price slump that signal intensified selling momentum.While these levels hold our base case outlook is for the range to remain intact with a move back through 0.8770-0.8805 intra-day resistance adding conviction to that view.
On a broader perspective, the major trend of this pair has been oscillating between a tight range of 0.8975 and 0.8675 levels from the last couple of months.
We are back to the range lows if you plot monthly chart. A clear breakdown through 0.8690-0.8665 support and RSI divergence would indicate a decisive slump towards 0.8550 is at risk of being seen.
We still cannot afford to disregard completely a re-test of the 2008 highs at 0.9802 before a complete transition of the Brexit process.
However, the risks of that decrease the longer we remain within this medium-term range under 0.9300-0.9710.
A decline through 0.8250 key support would negate upside risks and suggest a move back to 0.8000 and then 0.7500.
Trade tips:
Contemplating above shot term technical rationale, at spot reference: 0.8706 level, you can place trades to construct tunnel binary options spreads using upper strikes at 0.8735 and lower strikes at 0.8680 levels, these leveraged instruments are likely to fetch magnified effects in payoff structure as long as underlying spot FX keeps dipping but remains above lower strikes.
Currency Strength Index: FxWirePro's hourly EUR spot index has shown -121 (which is highly bearish), hourly GBP spot index was at 85 (bullish), while articulating at 11:04 GMT. For more details on the index, please refer below weblink:
http://www.fxwirepro.com/currencyindex.
Currency indices are also conducive to above-recommended trading strategy.
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