EUR/GBP was better bid vs the British pound in the early European trades, edging to session highs by 0.7334
- The pair was however rejected at highs and currently trades at 0.7300, with 200 DMA at 0.7363 offering strong resistance
- Supports on the downside are seen at 0.7299 (100 HMA) and then at 0.7293 (Daily Low Aug 26)
- Bearish crossover on slow stochs on hourlies shows scope for further fall, pair likely to test levels under 100 HMA
Recommendation: Good to sell rallies around 0.7315/20, SL: 0.7340, TP: 0.7260
Resistance Levels:
R1: 0.7363 (200 DMA)
R2: 0.7364 (Daily High Aug 26)
R3: 0.7421 (Daily High Aug 24)
Support Levels:
S1: 0.7299 (100 HMA)
S2: 0.7293 (Daily Low Aug 26)
S3: 0.7260 (Daily Low Aug 25)
