EUR/GBP chart - Trading View
EUR/GBP was trading 0.01% lower on the day at 0.8647 at around 06:00 GMT, outlook strongly bearish.
The pair is on a bearish streak for the 5th straight month and further weakness on cards.
Price action has slipped below 55 month EMA and has dipped into the monthly cloud. ADX and MACD support downside.
Momentum is strongly bearish and volatility is high and rising which is likely to drive prices lower.
Oscillators are at oversold levels which might cause some pullbacks. But no major signs of weakness seen.
Focus today will be on the forward-looking German IFO Expectations Index for February. A better-than-expected data will lift the pair.
5-DMA is immediate resistance at 0.8666. Breakout at 200-W MA will negate any further weakness. Resumption of weakness will see test of 76.8% Fib at 0.8560.
