FxWirePro: EUR/GBP slips lower for the 4th straight session, outlook bearish

EUR/GBP chart - Trading View 

Technical Analysis: Bias Bearish

- EUR/GBP was trading 0.19% lower on the day at 0.8520 at around 13:15 GMT.

- The pair has been capped at daily cloud and 110-EMA resistance

- Major trend in the pair is neutral, while minor trend is bearish as evidenced by GMMA indicator

- After grinding sideways, capped between 55 and 110 EMAs, the pair has broken out of range trade

- Oscillators support bearish bias, Stochs and RSI are sharply lower

- MACD confirms bearish crossover on signal line adding to the downside bias

Major Support and Resistance Levels:

Support - 0.8460 (Major trendline), Resistance - 0.8553 (21-EMA)

Summary: EUR/GBP trades with a bearish bias. The pair is on track to test major trendline support at 0.8460, breach below will plummet price further. Bearish invalidation only above daily cloud and 110-EMA.