- EUR/GBP is trading a narrow range with a day's high of 0.8383 and low of 0.8365.
- Price action has dipped into daily cloud, upside remains capped by 55-EMA at 0.8382 .
- Techs are bearish on both daily and weekly charts.
- IMM Net Speculators’ Positioning as at 30 August 2016 showed EUR shorts bounced higher last week having dropped during the previous four weeks.
- Also for the first time in nine weeks bearish bets against the pound edged lower encouraged by the better tone of recent UK data releases.
- Major support levels - 0.8352 (Sept 5 low), 0.8344 (Aug 4 low), 0.83.
- Major resistance levels - 0.8382 (55-EMA), 0.84, 0.8411 (5-DMA), 0.8468 (10-DMA).
Recommendation: Good to stay short, target: 0.8345/ 0.83/ 0.8250
