EUR/GBP has halted uptrend from 0.7526 lows, has retraced after hitting strong trendline resistance at 0.7710 levels.
- We have evidenced spinning top and Doji formation on 4-hourly candle when price action hit the resistance line, thus raising scope for downside.
- Technicals also support further lows, RSI, Stcohs and MACD convergence is seen on the 4-hourly charts.
- The pair is currently trading at 0.7672, immediate resistance is seen at 0.7688 (session highs) ahead of 0.7710 (falling trendline).
- Supports on the downside are located at 0.7643 (5-DMA) and further below at 0.7620 (10-DMA).
Recommendation: Good to sell rallies around 0.7680, SL: 0.7720, TP: 0.7630/0.7595/0.7540
