FxWirePro: EUR/GBP slumps over 0.65%, breach at crucial support levels to open downside

EUR/GBP chart - Trading View 

EUR/GBP was extending previous session's weakness, bias strongly bearish as pair breaches crucial support levels.

The pound buoyed by the broad risk appetite triggered by the release of the first results of Pfizer’s COVID-19 vaccine.

The drug maker announced that the tests of its coronavirus vaccine reveal that it is 90% effective. 

The pair was trading 0.65% lower on the day after closing 0.61% lower in the previous session.

Price action has breach crucial support levels at 'Symmetric Triangle' at 0.8968 and 200-DMA at 0.8921, raising scope for further downside.

Technical indicators have turned bearish. GMMA indicator shows minor trend is strongly bearish.

Stochs and RSI are biased lower and RSI is well below the 50 mark. Volatility is rising as evidenced by widening Bollinger bands.

Price action currently holds above 0.89 handle, hovers around 55W EMA at 0.8913. Scope for test of 110W EMA at 0.8838.