FxWirePro: EUR/GBP set to snap 3-day losing streak, finds strong support at 20-DMA

EUR/GBP chart - Trading View 

EUR/GBP was trading 0.19% higher on the day at 0.8620 at around 10:30 GMT.

The pair is set to snap a 3-day losing streak a price action finds strong support at 20-DMA at 0.8619.

Data released earlier today showed UK ILO Unemployment Rate (3M) in February printed at 4.9%, better than forecasts at 5.1%.

The pair has slipped lower from session highs at 0.8633 as 

Further, optimism concerning the UK’s economic recovery, backed by faster vaccinations, also favors the Sterling.

EUR/GBP has slipped lower from session highs at 0.8633, upside lacks traction, scope for downside resumption.

Major trend in the pair is bearish as evidenced by GMMA indicator. Recovery in the pair was rejected at daily cloud. 

Break below 20-DMA support will see resumption of weakness. Immediate support lies at 78.6% Fib at 0.8559 ahead of 110-month EMA at 0.8467.