EUR/GBP chart - Trading View
Technical Analysis: Bias Bearish
- Recovery attempts capped at daily cloud
- Momentum indicators have turned bearish, RSI has slipped below 50
- The pair is extending weakness for the 4th straight week
- GMMA indicator shows major and minor trend are bearish on the daily and weekly charts
- Price action is below major MAs, MACD and ADX support downside in the pair
Support levels - 0.8560 (76.8% Fib), 0.8495 (Trendline), 0.8440 (Lower W BB)
Resistance levels - 0.8606 (200H MA), 0.8637 (20-DMA), 0.8646 (55-EMA)
Summary: Upbeat UK Retail Sales and mixed UK PMI prints provide some support to the British pound. Pullback from multi-week lows has been capped at daily cloud. Technical indicators are turning bearish and the pair is on track to test 76.8% Fib at 0.8560 ahead of trendline support at 0.8495. Bearish invalidation only above daily cloud.
